Question
Wildhorse Construction Company had a contract starting April 2018, to construct a $23700000 building that is expected to be completed in September 2020, at an
Wildhorse Construction Company had a contract starting April 2018, to construct a $23700000 building that is expected to be completed in September 2020, at an estimated cost of $21700000. At the end of 2018, the costs to date were $9331000 and the estimated total costs to complete had not changed. The progress billings during 2018 were $450000 and the cash collected during 2018 was 3170000. Wildhorse uses the percentage-of-completion method. At December 31, 2018 Wildhorse would report Construction in Process in the amount of:
$8881000. $9331000. $860000. $10191000.
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