Business, 25.03.2020 01:50 ogc2001

Kline Corp. recognizes revenue over time to account for long-term contracts. The contract price is $5 million, total construction costs are $3.75 million, actual costs incurred during the first year are $1.5 million, and the revenue recognized is $2 million. The journal entry to record revenue during year 1 is: (Select all that apply.)

a. Debit: CIP $500,000
b. Credit: Revenue $2 million
c. Debit: Cost of construction $1.5 million

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Kline Corp. recognizes revenue over time to account for long-term contracts. The contract price is $...

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