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bu (20 marks) Mike is a retired professional bowler who ha build a bowling alley....

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Accounting

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bu (20 marks) Mike is a retired professional bowler who ha build a bowling alley. He shops around Lego Construction Inc. The contract was for at construction period of four years ending in Decen to renegotiate the contract to account for increase $850,000 in 2019. bowler who has just inherited a large plot of land. He decides to 10 for a contracting company, and eventually settles on . The contract was for a total of $750,000 to be received over the our years ending in December of 2020. However, in 2019, Lego was able ncreased costs. The contract price was increased to 2020 750 The following cost information for Lego Construction Inc. is prov Costs (in thousands) 2017 | 2018 Costs incurred to date 300 Additional costs to 450 450 complete 2019 700 50 Using the percentage of completion method, calculate the gross profit and revenue for each of the four years for Lego. For the year of 2020, prepare the journal entry to record revenue and expense recognition for Lego, and the journal entry to record completion of the contract

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