Delta Corporation is in the process of constructing a bridge for a total contract price of $85,000,000. At 12/31/10, the project was still in process with completion expected in 2011 Key information related to the project status at 12/31/10 follows 12/31/10 Estimated contract price Cost incurred to date Estimated total costs at completion $85,000,000 67,000,000 79,000,000 Delta uses the percentage-of-completion method to recognize revenue for its long-term construction contracts and, after all appropriate entries had been made at 12/31/10, Delta had the following general ledger balances related to this contract: Adjusted Balance at 12/31/10 Account Description Debit Credit S 2,300,000 Accounts receivable Revenue earned in excess of billings (RIE) Billings in excess of revenue earned (BIE) S 2,911,392 How much had Delta collected from the client cumulatively through 12/31/10? Revisiting Chapter 5 Examples - Practice with 5-Step Application 1. For the prior ACP example (using the expected value), what is the amount of accrued revenue (i.e. a receivable) or deferred revenue (i.e. unearned revenue - a liability) that should be reported by ACP as of 12/31/15? For the prior PowerGym example, let's first assume that the customer used the 2nd and 3rd personal trainer sessions during the first quarter of 2016. Given that assumption, what was the change in total liabilities for the first quarter of 2016 in relation to the accounting for this membership package? Ignore effect of income taxes. 2