Question
Crane, Inc. began work on a $6,759,000 contract in 2025 to construct an office building. During 2025, Crane, Inc. incurred costs of $1,641,860, billed
Crane, Inc. began work on a $6,759,000 contract in 2025 to construct an office building. During 2025, Crane, Inc. incurred costs of $1,641,860, billed its customers for $1,319,000, and collected $1,054,000. At December 31, 2025, the estimated additional costs to complete the project total $3,187,140. Prepare Crane's 2025 journal entries using the percentage-of- completion method.
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
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