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Problem - Long-Term Construction Contracts - Fender Construction Company receives a contract to construct a building over a period of 3 years for a price of $700,000. The contract represents a single performance obligation that will be satisfied over time. Information relating to the performance of the contract is summarized as follows:
2019
2020
2021
Construction costs incurred during the year
$150,000
$242,000
$168,000
Estimated costs to complete
350,000
168,000
--
Billings during the year
120,000
250,000
330,000
Collections during the year
100,000
260,000
340,000
Required -
1. Prepare journal entries for all 3 years.
2. Assume that the contract represents a single performance obligation that will be satisfied at a point in time. Prepare journal entries for all 3 years.
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