Business, 10.03.2020 03:59 dlaskey646

During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available.

2014 2015 2016
Costs incurred to date $400,000 $825,000 $1070,000
Estimated costs to complete 600,000 275,000 0
Billings to date 300,000 900,000 1600,000
Collections to date 270,000 810,000 14,25000

Required:
a. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
b. Prepare all necessary journal entries for 2015
c. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

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During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job...

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