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2019 Question 1 (36 marks) On 1 June 2019, Star Development Ltd contracted Topking Construction Company Inc. to build an office building for a total contract price of $2,000,000. Construction was begun on 1 July 2019 and was completed on 31 December 2021. Following are contract costs incurred, estimated costs to complete the contract, and accumulated billings of Topking Construction Company Inc. for 2019-2021. 2020 2021 Total costs incurred during the year $300,000 $1,000,000 $800,000 Estimated costs to complete $1,200,000 $800,000 Customer billings during the year $300,000 $1,000,000 $700,000 Collections during the year $200,000 $1,000,000 $800,000 Both Star Development and Topking Construction have financial year ended 31 December. Required: (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized by Topking Construction Company Inc. as a result of this contract for the years ended 31 December 2019, 2020 and 2021. (Ignore income taxes.) (6 marks) (b) Prepare all the necessary journal entries related to the contract for the year ended 31 December 2019, 2020 and 2021 under percentage-of-completion method for Topking Construction Company Inc. (18 marks) (c) Suppose Star Development Ltd made the following payments to Topking Construction Company Inc. during 2019-2021: 2019 2020 2021 March 31 $250,000 $200,000 June 30 $250,000 $200,000 September 30 $100,000 $250,000 $200,000 December 31 $100,000 $250,000 $200,000 In order to help finance the construction, Star issued the following instrument during 2019: $500,000 of 10-year, 9% bonds payable, issued at par on 31 March 2019, with interest payable annually on 31 March. In addition to the 9% bonds payable, the debts outstanding during 2019-2021 included the following: 1. 12%, 10-year bonds issued at par on 31 December 2013, with interest payable annually on 31 December $2,000,000 2. 9%, 5-year note payable, dated 1 January 2018, with interest payable annually on 1 January $1,000,000 Compute the amounts of each of the following (show computations): (i) Weighted-average accumulated expenditures qualifying for capitalization of interest costs for 2019 and 2020 respectively. (3 marks) (ii) Avoidable interest incurred during 2019 and 2020 respectively. (4 marks) (iii) Actual interest incurred during 2019 and 2020 respectively. (3 marks) (iv) Total amount of interest cost to be capitalized during 2019 and 2020 respectively. (2 marks)