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(Solved): Problem 6-10 (Algo) Long-term contract; revenue recognition over time \( [ \) LO6-8, 6-9] [The fol ...
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Problem 6-10 (Algo) Long-term contract; revenue recognition over time \( [ \) LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for \( \$ 10,000,000 \). The road was completed in 2026 . Information related to the contract is as follows: Westgate recognizes revenue over time according to percentage of completion.
3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to contract. Note: Do not round intermediate calculations.
Expert Answer
Revenue and Gain Recognition using Percentage of completion method % of Completion Actual Costs to date / Total Estimated costs = % of completion Actu