African Desert Homes reports under IFRS and constructed a new subdivision during 2012 and 2013...
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Accounting
African Desert Homes reports under IFRS and constructed a new subdivision during 2012 and 2013 under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount $3,000,000
Cost: 2012 1,200,000
2013 600,000
Gross profit: 2012 800,000
2013 400,000
Contract 2012 1,500,000
Billings:
2013 1,500,000
African Desert Homes reports under IFRS and uses the cost recovery method to recognize revenue. What is the journal entry in 2012 to record revenue?
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