The following information relates to a long term construction project of the Feldbrand Corporation:
|
19a |
19B |
19C |
Total |
|
|
Construction costs |
$50,000 |
$70,000 |
$ 80,000 |
$200,000 |
|
Billings |
40,000 |
90,000 |
120,000 |
250,000 |
|
Cash collections |
40,000 |
80,000 |
130,000 |
250,000 |
|
Estimated completion costs as of year end |
140,000 |
80,000 |
— |
— |
Assume a contract price of $250,000. Prepare the journal entries and show what a partial balance sheet would look like for each year, under the completed contract method.