MS-14. Applying the Financial Statement Effects Template Refer to the information for Camden Corporation in M5-13.

a. Use the financial statement effects template to record contract revenues and expenses for each year 2016 through 2018 using the cost-to-cost method.

b. Prepare journal entries and T-accounts to record contract revenues and expenses for each year 2016 through 2018 using the cost-to-cost method. Assume Camden does not receive payment until the contract is completed. All costs are paid in cash.

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