Turner Inc. began work on a $7-million non-cancellable contract in 2020 to construct an office building. During

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Turner Inc. began work on a $7-million non-cancellable contract in 2020 to construct an office building. During 2020, Turner Inc. incurred costs of $1.7 million, billed its customers for $1.2 million (non-refundable), and collected $960,000. At December 31, 2020, the estimated future costs to complete the project totalled $3.3 million. Prepare Turner’s 2020 journal entries using the percentage-of-completion method.

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Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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