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Q8. Construction company signs a contract on 1 July 2018, agreeing to build a warehouse for Buyer Corporation Limited at a contract price of $10 million. Construction company estimates that construction costs will be as follows: 2018 $2.5 million 2019 $3.5 million 2020 $3.0 million The contract provides that Buyer Corporation Limited will make payments on 31 December each year as follows: $2018 $3.0 million $2019 $3.5 million $2020 $3.5 million The contract is completed and accepted on 31 December 2020. Assume that actual costs and cash collections coincide with expectations. Construction company has a financial year ending 31 December Required Provide the journal entries for 2018, 2019 and 2020, assuming that: (a) The stage of completion can be reliably estimated; and [5marks) (b) The stage of completion cannot be reliably estimated. [Smarks] (c) In accounting for a long-term construction contract, how should the billings on the construction in progress account be disclosed in the statement of financial position? [2 marks] Q8. Construction company signs a contract on 1 July 2018, agreeing to build a warehouse for Buyer Corporation Limited at a contract price of $10 million. Construction company estimates that construction costs will be as follows: 2018 $2.5 million 2019 $3.5 million 2020 $3.0 million The contract provides that Buyer Corporation Limited will make payments on 31 December each year as follows: $2018 $3.0 million $2019 $3.5 million $2020 $3.5 million The contract is completed and accepted on 31 December 2020. Assume that actual costs and cash collections coincide with expectations. Construction company has a financial year ending 31 December Required Provide the journal entries for 2018, 2019 and 2020, assuming that: (a) The stage of completion can be reliably estimated; and [5marks) (b) The stage of completion cannot be reliably estimated. [Smarks] (c) In accounting for a long-term construction contract, how should the billings on the construction in progress account be disclosed in the statement of financial position? [2 marks]