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Please make accounts and answer accordingly Assume that Sunland Construction Company has a non-cancellable contract to construct a $4,520,000 bridge at an estimated cost of
Please make accounts and answer accordingly
Assume that Sunland Construction Company has a non-cancellable contract to construct a $4,520,000 bridge at an estimated cost of $4,068,000. The contract is to start in July 2023 , and the bridge is to be completed in October 2025 . The following data pertain to the construction period. Assume that progress billings are non-refundable. The revised estimates for the bridge contract are as follows. Under the percentage-of-completion method, how would Sunland record the long-term contract revenues, expenses, and loss in 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.)Step by Step Solution
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