Sahara desert homes sdh reports under ifrs and constructed

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Reference no: EM13581396

Sahara Desert Homes (SDH) reports under IFRS, and constructed a new subdivision during 2008 and 2009 under contract with Cactus Development Co. Relevant data are summarized below: Contract Amount $3,000,000 Cost 2008 1,200,000 2009 600,000 Gross Profit 2008 800,000 20009 400,000 Contract 2008 1,5000,000 Billing 2009 1,500,000 SDH uses the cost recovery method under IFRS to recognize revenue. What would be the journal entry made in 2008 to record revenue?

Reference no: EM13581396

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