Russell Ltd Commenced the Construction of a Bridge on 1July

question 42

Multiple Choice

Russell Ltd commenced the construction of a bridge on 1July 2003.It has a fixed-price contract for total revenues of $35million.The expected completion date is 30 June 2006.The expected total cost to Russell Ltd at the beginning of the project is $29 million.The following information relates only to the construction of the bridge: Russell Ltd uses the percentage of completion method based on cost to account for its construction contracts.Assuming that 2004's entries have been made,what are the journal entries for the year ended 30June 2005 (rounded to the nearest $000) ?

---

Definitions:

Necrophiles

Individuals who have a sexual attraction to corpses.

Pedophiles

Individuals who are primarily attracted to prepubescent children, a condition that is considered a psychiatric disorder.

Exhibitionists

Individuals who experience a sexual urge or gain gratification by exposing their genitals to unsuspecting strangers.

Paraphilia

Patterns of sexual interest that involve unusual objects, situations, or individuals outside of normative sexual attractions.