1)Under contract, ABC Corporation delivers 500 units to Customer A for $200 each on 1 March. ABC's documented policy is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $150. Based on historical experience, ABC estimates that 2% of the units will be returned. ABC expects that the returned products can be resold. On March 15^th, the customer returned 8 units to ABC. No other returns were received during month. Required: Record all of ABC Inc' journal entries for the month.

2.) Considering the following data for a project begun in 2017 by Dominion Construction, with a contract price of $1,000. Dominion uses IFRS and their customer controls the building during the period of construction. All amounts are expressed in thousands.

	2017	2018
Current period costs	$100	$200
Estimated additional costs to complete	700	400
Progress billings	75	100
Collection on billings-current year	50	75

• Use the table below to calculate revenue profit recognized in 2017 and 2018 for Dominion, assuming that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs.

ACCT4200 Chapter 6 Assignment Due Hard Copy_Beginning of Class Tuesday January 24th Name:____________________________ Question 1. Under contract, ABC Corporation delivers 500 units to Customer A for $200 each on 1 March. ABC's documented policy is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $150. Based on historical experience, ABC estimates that 2% of the units will be returned. ABC expects that the returned products can be resold. On March 15th, the customer returned 8 units to ABC. No other returns were received during month. Required: Record all of ABC Inc' journal entries for the month. Date General Journal Account Titles and Explanation Debit Credit Question 2. Considering the following data for a project begun in 2017 by Dominion Construction, with a contract price of $1,000. Dominion uses IFRS and their customer controls the building during the period of construction. All amounts are expressed in thousands. 2017 2018 Current period costs $100 $200 Estimated additional costs to complete 700 400 Progress billings 75 100 Collection on billings-current year 50 75 1) Use the table below to calculate revenue profit recognized in 2017 and 2018 for Dominion, assuming that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs. 2) Prepare the required journal entries for 2017 General Journal Date Account Titles and Explanation Debit Credit General Journal Date Account Titles and Explanation Debit Credit