Number 2

Required 1 and 2

STURDY CORPORATION entered into a long-term construction contract at a fixed price of 4, 900,000 September 1, 2013. Work has proceeded since that time with the following results in pesos: Determine the amount of revenues, expenses, and net income for 2013, 2014, and 2015 using the percentage-of-completion method. How do you explain the remaining 5% work still to be completed in terms of its impact on the aggregate income of the construction company? III. Michael Company is in the process of preparing its year-end Financial Statements. It has developed the following condensed trial balance in pesos, before adjustments and before closing, as of December 31, 2015