Baywatch Construction contracted to build a ship over a two year period.The contract price was $21,000,000 with an estimate total cost of $18,400,000.The following cost data relate to the construction period.
Prepare the necessary journal entries for 2014,2015,and 2016 assuming Baywatch uses the percentage-of-completion method.
Definitions:
Ventricular Fibrillation
A life-threatening heart rhythm that results in a rapid, erratic beat, leading to poor blood circulation.
Cardiorespiratory Monitor
A device used to track the heart rate and breathing rate of a patient, often used in hospitals to monitor patients critically.
Sinus Rhythm
The normal heartbeat rhythm generated by the sinoatrial node, characterized by a consistent rate and rhythm.
Ventricular Tachycardia
A fast heart rhythm that originates from the ventricles, potentially leading to serious heart conditions.
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