APPENDIX 18A LONG-TERM CONTRACT LOSSES Illustration: Locc on linnrofitable contract 2014 2015 2016 $ 675,000 150,000 $675,000 287,400 $675,000 246,038 Contract price Cost incurred current year Estimated cost to complete in future years Billings to customer current year Cash receipts from customer Current year 450,000 135,000 246,038 360,000 180,000 112,500 262,500 300,000 c) Prepare the journal entries for 2017, 2018, and 2019 assuming the estimated cost to complete at the end of 2018 was $246,038 instead of $170,100. APPENDIX 18A LONG-TERM CONTRACT LOSSES Illustration: Locc on linnrofitable contract 2014 2015 2016 $ 675,000 150,000 $675,000 287,400 $675,000 246,038 Contract price Cost incurred current year Estimated cost to complete in future years Billings to customer current year Cash receipts from customer Current year 450,000 135,000 246,038 360,000 180,000 112,500 262,500 300,000 c) Prepare the journal entries for 2017, 2018, and 2019 assuming the estimated cost to complete at the end of 2018 was $246,038 instead of $170,100