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Dixon construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $8,000,000. The estimated total costs to complete the project were $6,000,000.

(a) make the entry to record construction costs of $3,600,000, on construction in process to date.

(b) Make the entry to record progress billings of $2,000,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968407

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