Question 2

On February 1, 20X1, Wheeler Construction Corp. agreed to construct a four-story office building for Arevalo Enterprises at a fixed contract price of $6,000,000.Wheeler initially estimated total construction costs would be $4,000,000 and the project would be finished in 20X3.Wheeler determined that thepercentage-of-completion methodof revenue recognition, using thecost-to-cost approach, is appropriate.

In the(MS Excel file), complete the table, journal entries, and partial balance sheet and income statement for 20X1 - 20X3 of Wheeler Construction Corp. related to the Arevalo Enterprises contract.

Table: https://drive.google.com/file/d/1Z6A9vHsEtZ4edmW8ApA7RJY93Ba2OCEq/view?usp=sharing