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Narayna Construction Corporation was contracted to build a new retail complex in a small town in northern Saskatchewan for $6,455,000. Construction activities are summarized below
Narayna Construction Corporation was contracted to build a new retail complex in a small town in northern Saskatchewan for $6,455,000. Construction activities are summarized below by year: 20X2 20X3 20X4 Costs incurred during the year 1,732,000 1,801,000 3,093,271 Estimated cost to complete 3,416,000 3,049,500 0 Required: 1. Prepare the journal entries for revenue recognition for each year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole
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