Crane Construction Company began work on a $ construction contract in During Crane incurred costs of
$ billed its customer for $ and collected $ At December the estimated additional costs to
complete the project total $
Prepare Crane's journal entry to record profit or loss, if any, using a the percentageofcompletion method and b the costrecovery
method. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No
entry" for the account titles and enter for the amounts. Round answers to decimal places, eg List all debit entries before credit
entries. Do not round intermediate calculations.
No Account Titles and Explanation
Debit
Credit
a
b
