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Prepare Splish journal entry to record profit or loss

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Reference no: EM132759108

Question - Splish Construction Company began work on a $418,000 construction contract in 2017. During 2017, Splish incurred costs of $278,700, billed its customer for $212,900, and collected $174,600. At December 31, 2017, the estimated additional costs to complete the project total $161,300.

Required - Prepare Splish'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: EM132759108

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