Helmet Head Construction (HHC) is building a bridge for $12 million at a total cost of...

Helmet Head Construction (HHC) is building a bridge for $12 million at a total cost of $10 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract:

	2016	2017	2018
Costs to Date	3,600,000	7,450,000	10,450,000
Estimated Costs to Complete	6,400,000	3,000,000	-
Progress Billings During the year	4,000,000	4,000,000	4,000,000
Cash collected during the year	3,250,000	3,250,000	5,500,000

Record the necessary journal entries to account for the contract in 2016, 2017 and 2018

Expert Solution

ekkarill92 answered 2 years ago

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