On March 1, 2014, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,092,000 and will take 3 years to complete. The contract price was $3,368,000. The following information pertains to the construction period. 2014 2015 2016 Costs to date $690,360 $1,480,500 $2,124,000 Estimated costs to complete 1,401,640 634,500 0 Progress billings to date 850,000 2,065,000 3,368,000 Cash collected to date 810,000 1,916,000 3,263,000 Incorrect answer. Your answer is incorrect. Try again. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2014 $Entry field with incorrect answer 854920 Gross profit recognized in 2015 $Entry field with incorrect answer Gross profit recognized in 2016 $Entry field with incorrect answer SHOW LIST OF ACCOUNTS LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. Prepare all necessary journal entries for 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record cost of of construction.) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record progress billings.) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record collections.) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To recognize revenue.) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record completion of the contract.) SHOW LIST OF ACCOUNTS LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. Prepare a partial balance sheet for December 31, 2015, showing the balances in the receivables and inventory accounts. (List Current Assets in order of liquidity.) CHANCE COMPANY Balance Sheet (Partial) December 31, 2015 Entry field with incorrect answer: Entry field with incorrect answer $Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer $Entry field with incorrect answer Entry field with incorrect answer: Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer