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contact price. please use detail on how you got your answer. ...

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Accounting

contact price. please use detail on how you got your answer.
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Powers Construction, Inc. is constructiny haalth new and Wellness Center 9,200, 000 and the projaet i expected take three years . Powers is alle to reasonable estimated The contract price is and estimated #1,so0,00 costs are to costs throughout 4ue contract Peesented belew is summary Costs billings, and avleetions for 3 years Year 2 Year 3 Year Actnal Costs per year 2,750,000 2,2so, Estimated Cost to Complete S,250,006 2,200, DoD 2,500,00 3,000, ov Bilin1s 2,700,000 3, Soo,600 3,00,000 2,800, 000 3,470,Ov0 Co llections A. Prapare 4he journal entries to record costs, billingsand collealions for Years and 2. each year and Hdort B. Compute 4he gross profit for journal antry to refkeet record the rwenues, expenses and gross profit in Years disclosures for years / +2. c. Prepare 4he balance sheet

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