Question
Siemens AG constructed a new building during 2020 and 2021 for Epoch Co.. The contract price was $3,405,000. Relevant data are presented below: 2020 2021
Siemens AG constructed a new building during 2020 and 2021 for Epoch Co.. The contract price was $3,405,000. Relevant data are presented below:
| 2020 | 2021 | |
| Construction cost incurred: | 1,290,000 | 690,000 |
| Estimated remaining costs: | 690,000 | 0 |
| Contract billings: | 1,702,500 | 1,702,500 |
Siemens AG recognizes revenue upon completion of the contract. What is the journal entry in 2021 to record revenue?
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Company Accounting
Authors: Ken Leo, Jeffrey Knapp, Susan McGowan, John Sweeting
11th Edition
0730344770, 9780730344773
