During 2019, Nilsen Company started a construction job with a contract price of $1,600,000. The job was
Question:
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Instructions
a. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
b. Prepare all necessary journal entries for 2020.
c. Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used.
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Step by Step Answer:
a Gross profit recognized in 2019 2020 2021 Contract price 1600000 1600000 1600000 Costs Costs to da...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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