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Problem - Santana, Inc. builds houses and accounts for their projects using the percentage-of- completion method. In 2020, Santana began a construction project with a total contract price of $ 3,000,000. Other details follow:
2020
2021
Cost incurred during the year
$600,000
$1,300,000
Estimated cost to complete, as of 12/31
1,200,000
0
Billings during the year
1,800,000
Collections during the year
1,350,000
1,000,000
Required -
A) Prepare a complete set of journal entries for 2020.
B) Calculate the amount of the contract price that would be recognized as revenue in 2021.
C) Assume Santana, Inc. uses the completed-contract method. Prepare the journal entries to recognize revenue and cost at the end of the project in 2021.
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