Eagle Electric Projects Ltd., a private company that follows IFRS, signed a non-cancellable contract on...
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Eagle Electric Projects Ltd., a private company that follows IFRS, signed a non-cancellable contract on June 03, 2020 with Manitoba Hydro to construct a substation. The contract price is $3 million Construction started in April 2020 and was completed in November 2021. The company has a December 31 year end and all estimates are reliably measurable based on previous projects. Information for the contract is as follows: Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year (non-refundable) Collections during the year 2020 $1,000,000 1,500,000 1300,000 1,000,000 2021 $1,400,000 0 1,700,000 1,500,000 Required: Prepare the journal entries to record the transactions in 2021 only Space is provided below for calculations and a general journal is provided for journal entries. Dates are not required for journal entries
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