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ACCOUNTING FOR CONSTRUCTION Contract Price 1,825,000 2020 2021 2022 Contract cost incurred 350,000. 930,000. 300,000 Estimated Cost to Complete 1,050,000. 320,000 Compute for Revenue, CIP,

ACCOUNTING FOR CONSTRUCTION

Contract Price 1,825,000

2020 2021 2022

Contract cost incurred 350,000. 930,000. 300,000

Estimated Cost to Complete 1,050,000. 320,000

Compute for Revenue, CIP, and Realized Gross Profit for 2020, 2021, 2022.

Prepare Journal Entries.

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