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Exhibit 17-2 In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year
Exhibit 17-2
In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:
201620172018Costs incurred during the year$238,000$319,600$105,000Estimated costs to complete357,000139,400-0-Partial billings260,000210,000380,000Collections240,000200,000410,000
Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the balance in Construction in Progress at the end of 2017?
$659,600
$557,600
$680,000
$782,000
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