Prepare the journal entries

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Reference no: EM132353

Question:

The Daytona Company is involved in a 3-year long-term contract. The subsequent data relate to this contract:

2010 2011 2012 Total

Contract price $160,000

Cost incurred each year $24,000 $24,000 $ 56,000 104,000

Cost incurred to date 24,000 48,000 104,000

Estimated cost to complete 96,000 48,000 0

Partial billings each year 12,000 48,000 100,000

Cash collected from billings 8,000 52,000 100,000

Write the journal entries to reflect the percentage-of-completion method for 2011: 18 points

a. Construction costs for the year.

b. Partial billings.

c. Cash collections.

Reference no: EM132353

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