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During 2017, Martinez Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available.
During 2017, Martinez Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available.
| 2017 | 2018 | 2019 | ||||
| Costs incurred to date | $404,000 | $853,160 | $1,073,000 | |||
| Estimated costs to complete | 606,000 | 254,840 | 0 | |||
| Billings to date | 301,000 | 904,000 | 1,580,000 | |||
| Collections to date | 271,000 | 812,000 | 1,418,000 |
Prepare all necessary journal entries for 2018.
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