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Waterway Construction Company began work on a $417,400construction contract in 2017. During 2017, Waterway incurred costs of $280,300, billed its customer for $216,200, and collected
Waterway Construction Company began work on a $417,400construction contract in 2017. During 2017, Waterway incurred costs of $280,300, billed its customer for $216,200, and collected $176,500. At December 31, 2017, the estimated additional costs to complete the project total $162,000. Prepare Waterway's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.
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