Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below:
-Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.
Required:
Prepare all journal entries to record costs, billings, collections, and profit recognition.
Definitions:
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