S. mar Construction company signed a contract to build new bridge at a contract price of $5,000,000 and total estimated cost of $6.000.000 e project ww be completed within 4 years, the cost incurred to date for each period is first year 51.000.000-second year 57.500.00. the $3,200,000 and fourth year 54,100,000 while the estimasted cost to complete the project for each each periods, first year 2000 $700.000 third year $1,000,000 and Tourth year is so based on above question and using percentage of completion method Journal entry in second year Debit Construction in process $2.500.000 500.000 Dobit Construction process 51.0000,000 Cash $1,000,000 entry is required Dht Control process 500,000 hab 5 500.000 S. mar Construction company signed a contract to build new bridge at a contract price of $5,000,000 and total estimated cost of $6.000.000 e project ww be completed within 4 years, the cost incurred to date for each period is first year 51.000.000-second year 57.500.00. the $3,200,000 and fourth year 54,100,000 while the estimasted cost to complete the project for each each periods, first year 2000 $700.000 third year $1,000,000 and Tourth year is so based on above question and using percentage of completion method Journal entry in second year Debit Construction in process $2.500.000 500.000 Dobit Construction process 51.0000,000 Cash $1,000,000 entry is required Dht Control process 500,000 hab 5 500.000