Refer to the information for Bartov Corporation in M5-11.

a. Use the financial statement effects template to record contract revenues and expenses for each year 2013 through 2015 using the percentage-of-completion method.

b. Prepare journal entries and T-accounts to record contract revenues and expenses for each year 2013 through 2015 using the percentage-of-completion method.

Q5-11

Bartov Corporation agreed to build a warehouse for a client at an agreed contract price of \(\$ 300,500\). Expected (and actual) costs for the warehouse follow: 2013, \(\$ 80,000 ; 2014, \$ 150,000\); and 2015, \(\$ 40,500\). The company completed the warehouse in 2015 . Compute revenues, expenses, and income for each year 2013 through 2015 using the percentage-of-completion method. (Round percents to the nearest whole number.)