The following information relates to a long-term construction project of the Feldbrand Corporation:
|
19a
|
19B
|
19C
|
Total
|
|
Construction costs
|
$50,000
|
$70,000
|
$ 80,000
|
$200,000
|
|
Billings
|
40,000
|
90,000
|
120,000
|
250,000
|
|
Cash collections
|
40,000
|
80,000
|
130,000
|
250,000
|
|
Estimated completion costs as of year-end
|
140,000
|
80,000
|
-
|
-
|
Assume a contract price of $250,000. Prepare the journal entries and show what a partial balance sheet would look like for each year, under the completed-contract method.