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QUESTION
(TCO A) Chicago contractors got $7,000,000 contract to construct a school building for the City of Chicago.
Amount collected from City
$1,500,000
The estimated future cost to complete this contract is $4,200,000.
- Prepare Chicago contractors 2016 journal entries using percentage of completion method.
- Show how the contract accounts will appear in the Balance Sheet of Chicago Contractors on 12/31/2016.
