2017Sage1622019

Exercise 18-33 During 2017, Sage Company started a construction job with a contract price of $1,620,000. The job was 2018 Costs incurred to date 444,400 $867,420 $1,060,000 Estimated costs to complete 565,600 230,580 301,000 904,000 1,620,000 Billings to date Collections to date 272,000 814,000 1,411,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion Gross profit recognized in 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 SHOW LIST OF ACCOUNTS Prepare a necessary journal entries for 2018. (Credit account titles a automatically indented wh Aocount Titles and Explanation Debit Credit Construction in Process Materials, Cash, Payables (To record cost of of construction.)