African Desert Homes reports under IFRS and constructed a new subdivision during 2012 and 2013...
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African Desert Homes reports under IFRS and constructed a new subdivision during 2012 and 2013 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $3,000,000 Cost: 2012 1,200,000 2013 600,000 Gross profit: 2012 800,000 2013 400,000 Contract 2012 1,500,000 Billings: 2013 1,500,000 African Desert Homes reports under IFRS and uses the cost recovery method to recognize revenue. What is the journal entry in 2012 to record revenue?
African Desert Homes reports under IFRS and constructed a new subdivision during 2012 and 2013 under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount $3,000,000
Cost: 2012 1,200,000
2013 600,000
Gross profit: 2012 800,000
2013 400,000
Contract 2012 1,500,000
Billings:
2013 1,500,000
African Desert Homes reports under IFRS and uses the cost recovery method to recognize revenue. What is the journal entry in 2012 to record revenue?
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