Hawk Construction, Inc. had a 3-year project whose contract price is $8,000,000. Construction activities are
summarized in the table below.
12/31/17 12/31/18 12/31/19
Costs to date 2,000,000 5,000,000 9,000,000
Additional costs to complete 3,000,000 4,000,000 -0-
Progress billings to date 2,500,000 5,500,000 8,000,000
Cash collected to date 2,300,000 5,400,000 8,000,000
Instructions: Prepare any necessary journal entries for the above project in 2017, 2018, & 2019 using 1) the percentage of completion method, 2) the completed contract method.
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