Question - Bravo Construction Company uses the percentage-of-completion method of accounting. In 2015, Brovo began work under a contract with a contract price of $1,500,000. Other details follow:
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2015
|
2016
|
|
Cost Incurred during the year
|
$980,000
|
$1,375,000
|
|
Estimated Cost to complete, as of December 31
|
420,000
|
0
|
|
Billings to date
|
800,000
|
1,500,000
|
|
Collections to date
|
250,000
|
1,500,000
|
Prepare all required general journal entries for 2015. (Use 12/31/15 as transaction dates.)