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Question - Wildhorse Construction Company began operations on January 1, 2020. During the year, Wildhorse entered into a non-cancellable contract with Novak Corp. to construct a manufacturing facility. At that time, Wildhorse estimated that it would take five years to complete the facility at a total cost of $4,529,000. The total contract price for construction of the facility is $5,942,000. During the year, Wildhorse incurred $1,127,700 in construction costs related to the project. The estimated cost to complete the contract is $4,242,300. Novak Corp. was billed and paid 27% of the contract price. The billings are non-refundable.
Required - Prepare schedules to calculate the amount of gross profit to be recognized for the year ended December 31, 2020, and the amount to be shown as contract assets or liabilities at December 31, 2020, under the completed-contract method.
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