Assignment 2: During 2015, Nilsen Company started a construction job with a contract price of 2,200,000...

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Assignment 2: During 2015, Nilsen Company started a construction job with a contract price of 2,200,000 costing 1,800,000. The job was completed in 2017. The following information is available. Costs incurved to date 2015 2016 2017 700,000 140,001,350,000 Estimated costs to complete 1,100,000 450,00 Billings to date Collections to date 500,000 1,000,000 2,200,000 Instructions (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of completion method is used. (b) Prepare all necessary journal entries for 2015 and 2016. Assignment 2: During 2015, Nilsen Company started a construction job with a contract price of 2,200,000 costing 1,800,000. The job was completed in 2017. The following information is available. Costs incurved to date 2015 2016 2017 700,000 140,001,350,000 Estimated costs to complete 1,100,000 450,00 Billings to date Collections to date 500,000 1,000,000 2,200,000 Instructions (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of completion method is used. (b) Prepare all necessary journal entries for 2015 and 2016.