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  3. 1. on february 1, 2019, strawser construction agre

1. on February 1, 2019, Strawser Construction agreed to construct a building at a contract...

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Accounting

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1. on February 1, 2019, Strawser Construction agreed to construct a building at a contract price of $4,500,000 Strawser estimated total construction costs would be $4.000.000 and the project would be finished in 2021 Information relating to the costs and billings for this contract is as follows: Total costs incurred to date 2019 2020 2021 Estimated costs to complete $1,500,000 $2,460,000 $4,200,000 2,500,000 1.640.000 Customer billings to date 2,200,000 4,000,000 Collections to date 4,500,000 2,000,000 3,500,000 4.500.000 Instructions a. Fill in the correct amounts on the following schedule. For over time percentage of completion) accounting show the gross profit that should be recorded for 2019, 2020, and 2021 Gross Profit 2019 2020 2021 repare the journal entries necessary for 2021 using over time (percentage of completion) Accounting (use the back if necessary)

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