(Q) In 2014, Gurney Construction Company agreed to construct an apartment building at a price of $1,722,000. The information relating to…

In 2014, Gurney Construction Company agreed to construct an apartment building at a price of $1,722,000. The information relating to the costs and billings for this contract is shown below.

Costs incurred to date

$405,285

$751,260

$1,100,000
Estimated costs yet to be incurred

583,215

237,240

–0–
Customer billings to date

303,400

856,300

1,722,000
Collection of billings to date

260,100

708,600

1,451,000
(a) Assuming that the percentage-of-completion method is used.
(1) compute the amount of gross profit to be recognized in 2014 and 2015.
Gross profit to be recognized in 2014

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$[removed]706020

Gross profit to be recognized in 2015

$[removed]602700

(2) prepare journal entries for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables.)

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