Turner Inc Began Work On A 7000000 Contract In 2012

Turner, Inc. began work on a $7,000,000 contract in 2012 to construct an office building. During 2012, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected $960,000. At December 31, 2012, the estimated future costs to complete the project total $3,300,000. Make Turner’s 2012 journal entries using the percentage-of-completion method.

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