5) (2 pts) Tiger Construction begins a project on February 1, 2018. The project is expected to take 2.5 years to complete. The total contract price is $700,000. Information related to the first two years of the contract is provided below. Costs incurred During the Year Estimated Costs to Complete Billing Made During Year Collections on Billing During Year 2018 $200,000 $300,000 $180,000 $150,000 2019 $250,000 $150,000 $280,000 $292,000 % of Completion 40% Gross Profit Recognized During Year $80,000 Revenue Recognized During Year $280,000 a) (1 pt) Record the journal entry Tiger Construction should make to recognize revenue in 2019 assuming Tiger uses over-time (aka percentage of completion) revenue recognition for this contract. SO b) (1 pt) What balance does Tiger Construction have in its Account Receivable account attributable to this contract at the end of 2019? 5) (2 pts) Tiger Construction begins a project on February 1, 2018. The project is expected to take 2.5 years to complete. The total contract price is $700,000. Information related to the first two years of the contract is provided below. Costs incurred During the Year Estimated Costs to Complete Billing Made During Year Collections on Billing During Year 2018 $200,000 $300,000 $180,000 $150,000 2019 $250,000 $150,000 $280,000 $292,000 % of Completion 40% Gross Profit Recognized During Year $80,000 Revenue Recognized During Year $280,000 a) (1 pt) Record the journal entry Tiger Construction should make to recognize revenue in 2019 assuming Tiger uses over-time (aka percentage of completion) revenue recognition for this contract. SO b) (1 pt) What balance does Tiger Construction have in its Account Receivable account attributable to this contract at the end of 2019

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