Business, 27.03.2021 03:40 ciera51

During 2017, Novak Company started a construction job with a contract price of $1,620,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $373,700 $749,360 $1,070,000 Estimated costs to complete 636,300 352,640 –0– Billings to date 302,000 907,000 1,620,000 Collections to date 268,000 815,000 1,425,0001. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 225,700Gross profit recognized in 2018 175,140Gross profit recognized in 2019 149,1602. Prepare all necessary journal entries for 2018.3. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

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During 2017, Novak Company started a construction job with a contract price of $1,620,000. The job w...

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