On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2024, costs of $2,100,000 were incurred with estimated costs of $4,100,000 yet to be incurred. Billings of $2,600,000 were sent, and cash collected was $2,350,000. In 2025, costs incurred were $2,600,000 with remaining costs estimated to be $3,750,000. 2025 billings were $2,850,000, and $2,575,000 cash was collected. The project was completed in 2026 after additional costs of $3,900,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. 2a. Prepare journal entries for 2024 to record the transactions described (credit "Cash, Materials, etc." for construction costs incurred). 2b. Prepare journal entries for 2025 to record the transactions described (credit "Cash, Materials, etc." for construction costs incurred).

compute the material loading charge percentage for sutton's Electronic Repair Shop for the year 2020

You will enter the Topic, Subtopic, Section, Paragraph in a fill in the blank question and your overall conclusion to this case. Example: ASC 100-10-45-4 (you do not need to enter what the guidance content) Research Case #1: Chicago Corporation is building a new facility at a cost of $8 million dollars. Construction began in early January 2021 and will be completed by December 31, 2021. Chicago Corporation borrowed $6 million on January 5, 2021 for the construction of the facility and is using the funding from bonds issued in earlier years to assist in the remaining of the funding for the project. The CFO for Chicago Corporation recalls that interest may be capitalized for the project but is unsure of how to determine the correct amount of interest that the company may capitalize. Chicago Corporation has satisfied the criteria for the capitalization period during all of 2021. The total interest that the company incurred during 2021 that the company would have not incurred if the new…

The Des Moines Gazette received newspaper subscriptions in December 2020 for 2021 from customers, who paid $500 in advance. What would be the appropriate journal entry for this event in December 2020?

Dalton Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. Data relating to the construction are: Costs incurred during the year Estimated costs to complete Dalton uses the percentage-of-completion method. 2021 $3,300,000 2,700,000 2022 $2,750,000 Instructions (a) How much revenue should be reported for 2021? Show your computation. (b) Make the entry to record progress billings of $4,100,000 during 2021. (c) Make the entry to record the revenue and gross profit for 2021. (d) How much gross profit should be reported for 2022? Show your computation.

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On January 1, 2020, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $825,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $440,000 $209,000 $192,500 $440,000 Progress billings Cash collections Estimated costs to complete a. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized over time. Note: Record any multiple debits in alphabetical order and any multiple credits in alphabetical order. a. Account b. To recognize revenues and expenses Account + # + b. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized at a point in time. Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). To recognize revenues and expenses Debit + + Credit Debit Credit

Prepare all necessary journal entries for 2024.

On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 March 1, 2024 June 30, 2024 October 1, 2024 January 31, 2025 April 30, 2025 August 31, 2025 On January 1, 2024, the company obtained a $3,900,000 construction loan with a 12% interest rate. The loan was outstanding all of 2024 and 2025. The company's other interest-bearing debt included two long-term notes of $6,000,000 and $9,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2024 and 2025. Interest is paid annually on all debt. The company's fiscal year-end is December 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2024 and 2025 using the specific interest method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in…