Watson Construction Company contracted to build a plant for $1,000,000. Construction started in January of...
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Watson Construction Company contracted to build a plant for $1,000,000. Construction started in January of Year 1 and was completed in November of Year 2. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. As of December 31 Year 1 Year 2 Costs incurred $580,000 $240,000 Estimated costs to complete 250,000 Billings 540,000 460,000 Cash collections 500,000 500,000 Required Point in Time Over Time a. Provide the Year 1 and Yea
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