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Crane Construction Company began work on a $400,500 construction contract in 2025. During 2025, Crane...

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Accounting

Crane Construction Company began work on a $400,500 construction contract in 2025. During 2025, Crane incurred costs of
$269,500, billed its customer for $230,500, and collected $179,000. At December 31,2025, the estimated additional costs to
complete the project total $150,740.
Prepare Crane's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the cost-recovery
method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g.5,275. List all debit entries before credit
entries. Do not round intermediate calculations.)
No. Account Titles and Explanation
Debit
Credit
(a)
(b)
image

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