20X120X220X3Contract price5,000,0005,000,0005,000,000Costs incurred to date1,425,0004,040,0005,080,000Estimated costs to complete3,325,0001,010,000-Use the percentage of completion methodHow much is the loss provision recognized in 20x2?a. 25,000b. 15,000c. 10,000d. 5,000

Percentage completed method computes the percentage of cost incurred to total estimated cost.

Answered: 20X1 20X2 20X3 Contract price 5,000,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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	20X1	20X2	20X3
Contract price	5,000,000	5,000,000	5,000,000
Costs incurred to date	1,425,000	4,040,000	5,080,000
Estimated costs to complete	3,325,000	1,010,000	-

20X1 20X2 20X3 Contract price 5,000,000 5,000,000 5,000,000 Costs incurred to date 1,425,000 4,040,000 5,080,000 Estimated costs to complete 3,325,000 1,010,000 - Use the percentage of completion method How much is the loss provision recognized in 20x2? a. 25,000 b. 15,000 c. 10,000 d. 5,000