79 50 Question 2 30 marks 81 During 2020, Wood Corp. started a construction job. The job was completed in December, 2022, 82 Additional data are as follows: 83 Contract price 2,323,200 84 2020 2021 2022 85 Costs for the year 743,424 892.109 687,667 86 Estimated costs to complete 1,115,136 919,987 87 Billings for the year 580,800 464,640 1,277,760 88 Collections for the year 464,640 511,104 1,347,456 89 90 Wood uses the completed contract method. 91 Prepare journal entries for the following transactions: 92 98 To record the cost for the year in 2020 To record the cost for the year in 2021 94 Dr Dr. 95 Cr. Cr. 95 97 To record billings in 2020 To record billings in 2021 95 Dr Dr. 99 Cr. Cr. 100 101 To record collection in 2020 To record collection in 2021 102 Dr. Dr. Cr. Cr. 104 105 To record gross profit for 2020 To record gross profit for 2021 106 Dr. Dr. 107 108 Cr. Cr. 109 110 111 Question 3 30 marks 112 Nera Cam's financial statements on lantan 1 include the following balancer Instruction Questions 103