McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was...
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McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below. 2007 2034 Costs incurred during the year 31,500,00 51,00,000 Estimated costs to complete 1,200,000 1111ings during the year 1,200.000 1,300,000 cash collections during the year 1,000,000 1,500 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion Required: Prepare all journal entries to record costs, billings, collections, and profit loss) recognition (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar)
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