Carlin Construction Company has entered into a contract beginning Jan.1.2021 to build a parking complex....
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Carlin Construction Company has entered into a contract beginning Jan.1.2021 to build a parking complex. It has been estimated that the complex will cost $600,000 and will take a three years to construct. The complex will be billed to the purchasing company at $980,000. The following data pertain to the construction period a. Prepare the table for construction parking complex. b. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during the 2021. c. Prepare the all journal entries for 2021. d. Using the completed-contract method, compute the estimated gross profit that would be recognized during the 2023
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