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In the journal below, complete the necessary journal entries for the year 2016 (credit Various accounts for construction costs incurred). (If no entry is required
In the journal below, complete the necessary journal entries for the year 2016 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) In the journal below, complete the necessary journal entries for the year 2017 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) . In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara d in 2018. Information related to the contract is as follows: 2016 20172018 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,072,000 $2,738,000 $2,849,000 5,328,000 2,590,000 2,160,000 2,650,000 5,190,000 1,880,000 2,700,000 5,420,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2016 2017 2018
In the journal below, complete the necessary journal entries for the year 2016 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In the journal below, complete the necessary journal entries for the year 2017 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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