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Cheyenne Construction Company uses the percentage-of-completion method of accounting. In 2017, Cheyenne began work under contract #E2-D2, which provided for a contract price of $2,
Cheyenne Construction Company uses the percentage-of-completion method of accounting. In 2017, Cheyenne began work under contract #E2-D2, which provided for a contract price of $2, 176,000. Other details follow: What portion of the total contract price would be recognized as revenue In 2017? In 2018? Revenue recognized In 2017 $ Revenue recognized In 2018 $ Assuming the same facts as those above except that Cheyenne uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue In 2018? Revenue recognized In 2018 $ Prepare a complete set of journal entries for 2017 (using the percentage-of-completion method). (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually. If no entry Is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs Incurred use account Materials, Cash, Payables.)
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