Marigold Construction Company began work on a $421,100 construction contract in 2017. During 2017, Marigold...
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Marigold Construction Company began work on a $421,100 construction contract in 2017. During 2017, Marigold incurred costs of $277,400, billed its customer for $214,300, and collected $175,000. At December 31, 2017, the estimated additional costs to complete the project total $163,200 Prepare Marigold's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract 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 O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Construction Expenses 284,641 Revenue from Long-Term Contracts 263,041 Construction in Process 21,600 (b) Loss from Long-Term Contracts 21,600 Construction in Process 21,600
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