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please anwser C Whispering Construction Company uses the percentage-of-completion method of accounting. In 2020, Whispering began work under contract #E2-D2, which provided for a contract
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Whispering Construction Company uses the percentage-of-completion method of accounting. In 2020, Whispering began work under contract #E2-D2, which provided for a contract price of $2,159,000. Other details follow: What portion of the total contract price would be recognized as revenue in 2020? In 2021 ? Revenue recognized in 2020$ Revenue recognized in 2021 Your answer is correct. Assuming the same facts as those above except that Whispering uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021 ? Revenue recognized in 2021 Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cosh, Payables.) (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) Step by Step Solution
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