Prepare kingbirds journal entry to record profit or loss

Reference no: EM131896161

Problem

Kingbird Construction Company began work on a $421,100 construction contract in 2017. During 2017, Kingbird incurred costs of $277,400, billed its customer for $214,300, and collected $175,000. At December 31, 2017, the estimated additional costs to complete the project total $163,200.

Prepare Kingbird's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.

Reference no: EM131896161

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