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Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, Hamilton began work under...

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Accounting

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:

(a) What portion of the total contract price would be recognized as revenue in 2014? In 2015?

(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2015?

(c) Prepare a complete set of journal entries for 2014 (using the percentage-of-completion method).

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