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Oriole Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2023, to build
Oriole Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025 . The following data pertain to the construction period. (a) Using the percentage-of-completion method, calculate the percentage complete for 2023 and 2024 . (Round answers to 2 decimal places, e.g. 52.75\%.) Your answer has been saved. See score details after the due date. Using the percentage-of-completion method, calculate the percentage complete for 2023 and 2024 . (Round answers to 2 decimal places, e.g. 52.75\%.) List of Accounts Attempts: 1 of 1 used (b) Calculate the amount of revenue to be recognized in 2023 and 2024 . Your answer has been saved. See score details after the due date. Calculate the amount of revenue to be recognized in 2023 and 2024 . List of Accounts (c) Calculate the construction costs to be expensed in 2024. Construction costs Your answer has been saved. See score details after the due date. Calculate the construction costs to be expensed in 2024. Construction costs \$ List of Accounts Attempts: 1 of 1 used d) Prepare the journal entry at December 31, 2024, to record long-term contract revenues, expenses, and losses for 2024 . (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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