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Seawolf Construction Company was the low bidder on a construction project...

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Accounting

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Seawolf Construction Company was the low bidder on a construction project to build an Hydroelectric Power Plant for 51.800,000. The project was began in 2020 und completed in 2021. Cost and other data are presented below 2020 Costs incurred during the year 2021 $ 450.000 $1,100,000 Estimated costs to complete 1.050.000 Billings during the year 400,000 1,400,000 Cash collections during the year 300,000 1.500.000 0 Assume that Seawolf recognizes revenue on this contract over time according to percentage of completion Required a) Compute the amount of gross profit recognized during 2020 b) Prepare al journal entries to record costs, billings, collections, and profit recognition for 2020

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