JFS Co. constructed a new subdivision during 2020 and 2021 under contract with National Hoopla Company. Relevant data are summarized below: Contract amount Cost in the year: Cost to complete: 2020 2021 2020 2021 2020 2021 $3,000,000 1,200,000 600,000 1,000,000 800,000 1,500,000 1,500,000 Contract billings: JFS recognizes revenue upon completion of the contract. For 2020, what is the journal entry to record revenue? Sonoma Company began a construction project in 2019 that will provide $150 million when it is completed in 2021. Data relating to the contract are summarized below (in millions): 2020 2021 63.75 2022 55.25 36 Costs incurred during the year Estimated costs to complete 84 42.75 If Sonoma recognizes revenue over time, during 2022 Sonoma would: Multiple Choice Recognize $5 million loss and report cost of construction $50 million. Recognize $10.25 million loss and report cost of construction $55.25 million C Recognize $5 million loss and report cost of construction $55.25 million Charity Builders entered into a $2,400,000 fixed price contract to build a public library for Highland County in 2020. During the construction period, the following event occurred that affected the contract: 12/31/2022 $2,250,000 Costs incurred to date Estimated future cost to complete Construction billing to date 12/31/2020 $150,000 1,350,000 300,000 12/31/2021 $1,800,000 700,000 1,800,000 2,400,000 Charity Builders recognizes revenue over time according to percentage of completion. On its December 31, 2021 balance sheet, Charity Builders would report: Multiple Choice A liability, billings in excess of cost less loss, of $100,000