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Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably.
Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: What is the construction in progress as of 2021? Percentage of Completion 2020 - 30% 2021 - 82.5% Estimated Costs to Complete 2020 - 3,920,000 20211,680,000
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To calculate the Construction in Progress as of 2021 youll need to use the Percentage of Completion method This method recognizes revenue and costs on ...
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
