Question

On March 1, 2014, Chance Company entered into a contract tobuild an apartment building. It is estimated that the building willcost $2,092,000 and will take 3 years to complete. The contractprice was $3,368,000. The following information pertains to theconstruction period. 2014 2015 2016 Costs to date $690,360$1,480,500 $2,124,000 Estimated costs to complete 1,401,640 634,500–0– Progress billings to date 850,000 2,065,000 3,368,000 Cashcollected to date 810,000 1,916,000 3,263,000 Incorrect answer.Your answer is incorrect. Try again. Compute the amount of grossprofit to be recognized each year, assuming thepercentage-of-completion method is used. Gross profit recognized in2014 $Entry field with incorrect answer 854920 Gross profitrecognized in 2015 $Entry field with incorrect answer Gross profitrecognized in 2016 $Entry field with incorrect answer SHOW LIST OFACCOUNTS LINK TO TEXT Incorrect answer. Your answer is incorrect.Try again. Prepare all necessary journal entries for 2016. (Creditaccount titles are automatically indented when amount is entered.Do not indent manually. For costs incurred use account Materials,Cash, Payables.) Account Titles and Explanation Debit Credit Entryfield with incorrect answer Entry field with incorrect answer Entryfield with incorrect answer Entry field with incorrect answer Entryfield with incorrect answer Entry field with incorrect answer (Torecord cost of of construction.) Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer (To record progress billings.)Entry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrect answer(To record collections.) Entry field with incorrect answer Entryfield with incorrect answer Entry field with incorrect answer Entryfield with incorrect answer Entry field with incorrect answer Entryfield with incorrect answer Entry field with incorrect answer Entryfield with incorrect answer Entry field with incorrect answer (Torecognize revenue.) Entry field with incorrect answer Entry fieldwith incorrect answer Entry field with incorrect answer Entry fieldwith incorrect answer Entry field with incorrect answer Entry fieldwith incorrect answer (To record completion of the contract.) SHOWLIST OF ACCOUNTS LINK TO TEXT Incorrect answer. Your answer isincorrect. Try again. Prepare a partial balance sheet for December31, 2015, showing the balances in the receivables and inventoryaccounts. (List Current Assets in order of liquidity.) CHANCECOMPANY Balance Sheet (Partial) December 31, 2015 Entry field withincorrect answer: Entry field with incorrect answer $Entry fieldwith incorrect answer Entry field with incorrect answer Entry fieldwith incorrect answer $Entry field with incorrect answer Entryfield with incorrect answer: Entry field with incorrect answerEntry field with incorrect answer Entry field with incorrectanswer