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XYZ Construction Co. began operations in 2020. Construction activity for 2020 is shown below. XYZ...

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Accounting

XYZ Construction Co. began operations in 2020. Construction activity for 2020 is shown below. XYZ uses the cost recovery method.

Contract

Contract Price

Collections through 12/31/20

Accounts Receivable, 12/31/20

Estimated cost through 12/31/20

Costs incurred to 12/31/20

Costs to Complete

Contract 1

7,700,000

5,500,000

2,200,000

6,700,000

6,850,000

-

Contract 2

8,300,000

4,180,000

800,000

4,100,000

4,233,000

2,822,000

Contract 3

4,600,000

2,760,000

-

3,600,000

3,325,000

1,425,000

Answer the following:

-Estimated gain/loss on Contact #1, #2 and #3

-Total estimated gain/(loss) in all the contracts of XYZ Corp.

-Contract asset and contract liability to be recognized in contract #1, #2 and #3

-Progress Billings of Contract #1

-The Construction in Progress of Contract # 2

-The Construction in Progress of Contract # 3

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