: 1998 1999 2000 Costs incurred during the year 560,000 840,000 720,000 Estimated future costs 1,040,000 700,000 Customer billings during the year 300,000 500,000 1,200,000 Collections during the year 240,000 500,000 1,240,000 The contract price is $2 million. Prepare journal entries i. when recognizing revenue under completed contract ii. when recognizing revenue over time according to percentage-of-completion (SHOW WORK PLEASE)

2000 720,000 Costs incurred during the year Estimated future costs Customer billings during the year Collections during the year 1998 560,000 1,040,000 300,000 240,000 1999 840,000 700,000 500,000 500,000 1,200,000 1,240,000 The contract price is $2 million. Prepare journal entries i. when recognizing revenue under completed contract when recognizing revenue over time according to percentage-of-completion iiw 2000 720,000 Costs incurred during the year Estimated future costs Customer billings during the year Collections during the year 1998 560,000 1,040,000 300,000 240,000 1999 840,000 700,000 500,000 500,000 1,200,000 1,240,000 The contract price is $2 million. Prepare journal entries i. when recognizing revenue under completed contract when recognizing revenue over time according to percentage-of-completion iiw