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Assume that JKJ Company has contracted to build an office building for Multi Co . for $ 9 0 0 , 0 0 0 .
Assume that JKJ Company has contracted to build an office building for Multi Co for $ Multi Co has title to the office building during the entire construction period The construction costs were estimated initially to be $ Other relevant data is as follows:Current period costsEstimated additional costs to complete$$$Progress billingsCollection on billingscurrent yearAdditional information::Conisa cure emained were actual torts out the come construction years.Required: Calculate the revenues to be recognized for the years and assuming the company uses the percentage of completion method. Calculate the percent complete to the nearest whole percent. marks Prepare journal entries for ABC Company for using the percentage of completion method. marks
Assume that JKJ Company has contracted to build an office building for Multi Co for $ Multi Co has title to the office building during the entire construction period The construction costs were estimated initially to be $ Other relevant data is as follows:Current period costsEstimated additional costs to complete$$$Progress billingsCollection on billingscurrent yearAdditional information::Conisa cure emained were actual torts out the come construction years.Required: Calculate the revenues to be recognized for the years and assuming the company uses the percentage of completion method. Calculate the percent complete to the nearest whole percent. marks Prepare journal entries for ABC Company for using the percentage of completion method. marks
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