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The Surf Company is a general contractor who constructs office buildings....

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Accounting

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The Surf Company is a general contractor who constructs office buildings. Surf completed construction of a building in 2018 which began in 2017. Surf provided the following contract information: Contract price $7.500.000 2018 2017 Actual construction costs incurred and paid during the year 2,300,000 Sad Estimated costs to complete 3,500,000 4,100,000) /4 100000 Progress billings during the year 4,000,000 3,500,000 2,800,000 Cash collections during the year 3,200,000 1.) Prepare the year end journal entries required for each year of the contract, assuming Surf uses the percentage-of-completion method and the cost-to-cost approach for measuring progress. 2.) Compute the applicable year-end balance sheet amounts that would be shown on a financial statement at December 31, 2017 and 2018. (not including cash )

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