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(Solution Download) Penner Builders contracted to build a high-rise for $27,000,000. Construction began in 2014 and is e


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Penner Builders contracted to build a high-rise for

 

$27,000,000. Construction began in 2014 and is expected to be

 

completed in 2017. Data for 2014 and 2015 are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20142015
Costs incurred to date$3,500,000$9,880,000
Estimated costs to complete14,000,0009,120,000

 


 

Penner uses the percentage-of-completion method.

 

 

 

 

 

 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

How much gross profit should be reported for 2014?

 

 

 

 

 

 

 

 

 

Gross profit$

 

Warning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

How much gross profit should be reported for 2015?

 

 

 

 

 

 

 

 

 

Gross profit$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Make the journal entry to record the revenue and gross profit

 

for 2015. (Credit account titles are automatically

 

indented when amount is entered. Do not indent

 

manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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