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Multiple Choice Question 102 Sheridan Construction is constructing an office building under contract for Cannon...

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Multiple Choice Question 102 Sheridan Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1250000 each quarter. The total contract price is $18438000 and Sheridan estimates total costs of $18350000. Sheridan estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. At December 31 2019, Sheridan Construction estimates that it is 73% complete with the building; however, the estimate of total costs to be incurred has risen to $18450000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2019 for Sheridan as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit $4978260 $3459740 $3468500 $3459740 Credit Debit Debit Credit Open Show Work Click if you would like to Show Work for this

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