Use the following information for #12-#13: Eagle Homes had the following balances in its accounts at the end of the year 2018, the first year of construction of a condominium unit with a contract price of P3,500,000: 2018 2019 Construction in Progress Progress Billings to date Contract Asset (Liability) Costs Incurred for the year The project was completed in 2019. ? ? 1,200,000 3,500,000 150,000 1,100,000 1,900,000

Use the following information for #12-#13: Eagle Homes had the following balances in its accounts at the end of the year 2018, the first year of construction of a condominium unit with a contract price of P3,500,000: 2018 2019 Construction in Progress Progress Billings to date Contract Asset (Liability) Costs Incurred for the year The project was completed in 2019. ? ? 1,200,000 3,500,000 150,000 1,100,000 1,900,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 9MC

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