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Problem 2: Percentage-of-Completion and Completed Contract Geppetto Corp. has been hired to construct a nine-story...

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Problem 2: Percentage-of-Completion and Completed Contract Geppetto Corp. has been hired to construct a nine-story building for a fixed fee of $11,000,000. The contract specifies that the building is to be completed in no more than three years. The following table provides information about the provides information about the contract and Geppetto's progress. 2019 2,690,000 6,400,0006,000,000 2020 950,000 2018 Costs incurred during year Total estimated costs of project # of stories finished during year Billings during year Cash collections during year 2,360,000 7,000,000 4 4,000,000 3,500,000 3,500,0003,500,000 3,500,0003,000,000 Requirements: Provide journal entries for all transactions related to the contract under the percentage-of- completion method. Assume Geppetto Corp. measures completion percentage based on percentage of total costs incurred. A. B. Provide journal entries for all transactions related to the contract under the completed contract method

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