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on March 1, Year 1, Chance Company entered into a contract to an apartment building (each number is expressed in thousands of dollars). The building has an estimated cost of$2,000, will take three years to complete and has a contract price of $3,000. Below is construction period information: Year 1 Year 2 Year 3 $600 $1,560 $2,100 Costs Incurred to Date 1,400 520 Estimated Costs to Complete Progress Billings (Amounts Billed) to Date 1,050 2.000 3.000 Cash Collected from Customers to Date 950 1950 2,850 Required: A. Using the percentage-of-completion method 1. calculate revenue, expense, and the estimated gross margin that would be recognized during each year of the construction period. 2. record all construction related journal entries, and 3. show the balance sheet presentation of all construction related accounts laamely, the balances in the receivables and inventory accounts). B. Using the completed-contract method, 1. calculate revenue, expense, and the estimated gross margin that would be recognized during each year of the construction period. 2. record all construction related journal entries. and 3. show the balance sheet presentation of all construction related accounts aamely, the balances in the receivables and in entory accounts) Hint: Place the yearly amounts in the space above Coats Incurred to Date, Progress Billings to Date, and Cash Collected from Customers to Date
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