(Answered) Using the information provided in re18 3 prepare the

Accounting

Using the information provided in RE18 3, prepare the journal entries to record Year 1's

(a) Construction costs,

(b) Partial billings,

(d) Gross profit

In RE18 3, Clorad Corporation uses the percentage of completion method of accounting for construction contracts. Using the following information for Year 1, compute Clorad's

Year 1 (of four year project):_____________________________________

Construction costs incurred during the year ......... $ 174,000

Estimated costs to complete the contract .......... 426,000

Partial billings to customers ................ 100,000

Collections from customers ................ 25,000

Total contract price .................. 1,000,000

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