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Stoney Run Construction Company (U.S. GAAP) enters into a 3-year contract to build a new warehouse facility. Information for Years 1, 2, and 3 is shown below:

Year 1 Year 2 Year 3 Sale price $2,800,000 $2,800,000 $2,800,000

Estimated costs 1,600,000 2,000,000 2,000,000

Costs incurred to date (paid in cash) 400,000 900,000 2,000,000

Billed to date 250,000 1,150,000 2,800,000

Received in cash to date 190,000 950,000 2,800,000

To prepare each required journal entry:

• Click on a cell in the Account Name column and select the appropriate account. An account may be used once or not at all for a journal entry.
• Enter the corresponding debit or credit amount in the associated column.
• All amounts will be automatically rounded to the nearest dollar.
• Not all rows in the table might be needed to complete each journal entry.

PERCENTAGE OF COMPLETION METHOD

Question 1:

Question 2: Book the following journal entries for Year 1:

Question 3:

Question 4:

Question 5: Book the following journal entries for Year 2:

Question 6:

Question 7: Answer the following questions:

COMPLETED CONTRACT METHOD (GAAP)

Question 1:

Question 2: Book the following journal entries for Year 1:

Question 3:

Question 4: Answer the following questions:

c) What is the final journal entry for Year 3, assuming all of the amounts as originally stated?