Bywater Construction contracted to build a ship over a two year period. The contract price was $21,000,000 with an estimate total cost of $18,400,000. The following cost data relate to the construction period.

Prepare the necessary journal entries for 2011, 2012, and 2013 assuming Bywater uses the percentage-of-completion method.

Question

Bywater Construction contracted to build a ship over a two year period. The contract price was $21,000,000 with an estimate total cost of $18,400,000. The following cost data relate to the construction period.
  
Prepare the necessary journal entries for 2011, 2012, and 2013 assuming Bywater uses the percentage-of-completion method.

Quizplus · Accepted Answer

The Answer of Bywater Construction contracted to build a ship over a two year period. The contract price was $21,000,000 with an estimate total cost of $18,400,000. The following cost data relate to the construction period.
  
Prepare the necessary journal entries for 2011, 2012, and 2013 assuming Bywater uses the percentage-of-completion method.

Bywater Construction Contracted to Build a Ship Over a Two