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Prepare kingbirds 2017 journal entries using the percentage

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Question

Kingbird, Inc. began work on a $6,530,000 contract in 2017 to construct an office building. During 2017, Kingbird, Inc. incurred costs of $1,935,360, billed its customers for $1,243,000, and collected $914,000. At December 31, 2017, the estimated additional costs to complete the project total $3,440,640.

Prepare Kingbird's 2017 journal entries using the percentage-of-completion method.

Reference no: EM132379097

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