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  3. during 2020, wildhorse company started a construct

During 2020, Wildhorse Company started a construction job with a contract price of $1,610,000. The...

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Accounting

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During 2020, Wildhorse Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $383,800 $905,280 $1,063,000 626,200 198,720 302,000 896,000 1,610,000 271,000 817.000 1.419.000 Billings to date Collections to date Account Titles and Explanation Debit Credit Construction in Process 521480 Materials, Cash, Payables 521480 (To record cost of construction.) Accounts Receivable 896000 Billings on Construction in Process 896000 (To record progress billings.) Cash 817000 Accounts Receivable 817000 (To record collections.) Construction in Process 186920 Construction Expenses 521480 Revenue from Long-Term Contracts 708400 (To recognize revenue.)

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