On January 1, 2010, the Kobe Construction Company entered into a 3-year contract to build a dam.
Question:
Prepare the required journal entries for the three years of the contract, assuming Kobe uses the completed-contractmethod.
Transcribed Image Text:
Estimated Cost to Complete $12,500,000 Cost Incurred Cash Collected Year Billings 2010 2011 2012 $7.200,000 6,700,000 7.900,000 $7.200.000 6,500,000 7,300,000 $6.500.000 6.400,000 8,100.000 7,800,000
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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