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Please be sure to write your name on any additional paper handed in. 1. On...

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Accounting

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Please be sure to write your name on any additional paper handed in. 1. On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $17,400,000. Marsh estimated total construction costs would be $12,000,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows: 2018 2019 2017 $4,500,000 7,500,000 6,600,000 6,000,000 $7,920,000 $13,800,000 Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 5,280,000 12,000,000 16,800,000 16,500,000 Instructions (a) Calcula la te the income recognized by Marsh under the percentage-of-completion method of accounting in each of the years 2017, 2018, and 2019. (b) Prepare all necessary journal entries

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