8. (10 points) MC Hammer Construction (MHC) is building a bridge for $ 18 million at a total cost of $14 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract: 2016 2017 2018 Costs to date See Below See Below See Below Estimated costs to complete See Below See Below See Below $6,000,00 Progress billings during the year $6,000,000 $6,000,000 $4,250,00 Cash collected during the year $6,250,000 $7,500,000 Record the necessary journal entries to account for the contract in 2016, 2017 and 2018 Costs to Date Estimated Cost to Complete Last Name Begins With 2016 2017 2018 As of end 2016 As of end 2017 As of end 2018 A-E $5,600,00 $10,450,000 $13,450,000 $8,400,000 $3,000,000 O F-) $8,800,000 $14,200,000 $9,400,000 $5,400,000 $4,800,00 O $3,000,00 K-O $7,000,000 $14,150,000 $11,000,000 $7,150,000 $2,500,00 P-R $8,000,000 $14,100,000 $11,600,000 $6,100,000 0 S-Z $4,100,00 $8,600,000 $13,900,000 $9,800,000 $5,300,000 8. (10 points) MC Hammer Construction (MHC) is building a bridge for $ 18 million at a total cost of $14 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract: 2016 2017 2018 Costs to date See Below See Below See Below Estimated costs to complete See Below See Below See Below $6,000,00 Progress billings during the year $6,000,000 $6,000,000 $4,250,00 Cash collected during the year $6,250,000 $7,500,000 Record the necessary journal entries to account for the contract in 2016, 2017 and 2018 Costs to Date Estimated Cost to Complete Last Name Begins With 2016 2017 2018 As of end 2016 As of end 2017 As of end 2018 A-E $5,600,00 $10,450,000 $13,450,000 $8,400,000 $3,000,000 O F-) $8,800,000 $14,200,000 $9,400,000 $5,400,000 $4,800,00 O $3,000,00 K-O $7,000,000 $14,150,000 $11,000,000 $7,150,000 $2,500,00 P-R $8,000,000 $14,100,000 $11,600,000 $6,100,000 0 S-Z $4,100,00 $8,600,000 $13,900,000 $9,800,000 $5,300,000