2012 2013 2014 Costs incurred to date 280,000 720,000 950,000 Expected future costs 520,000 240,000 Customer billings to date 150,000 400,000 1,000,000 Collections to date 120,000 320,000 940,000 The contract price is $1 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)

2014 950,000 Costs incurred to date Expected future costs Customer billings to date Collections to date 2012 280,000 520,000 150,000 120,000 2013 720,000 240,000 400,000 320,000 1,000,000 940,000 The contract price is $1 million. Prepare journal entries i. when recognizing revenue under completed contract ii. when recognizing revenue over time according to percentage-of-completion 2014 950,000 Costs incurred to date Expected future costs Customer billings to date Collections to date 2012 280,000 520,000 150,000 120,000 2013 720,000 240,000 400,000 320,000 1,000,000 940,000 The contract price is $1 million. Prepare journal entries i. when recognizing revenue under completed contract ii. when recognizing revenue over time according to percentage-of-completion