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Chicago contractors got $5,400,000 contract to construct a school building for the City of Chicago. Work...

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Accounting

Chicago contractors got $5,400,000 contract to construct aschool building for the City of Chicago. Work on this contractbegan in 2013 and the financial data pertaining to this contract isavailable here. Cost incurred till Dec.31, 2013 $1,080,000 Billingsmade to City $1,000,000 Amount collected from City $ 750,000 Theestimated future cost to complete this contract is $3,240,000.

(a) Prepare Chicago contractors 2013 journal entries usingCOMPLETED CONTRACT method. (b) Show how the contract accounts willappear in the Balance Sheet of Chicago Contractors on12/31/2013.

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