During 2017, Martinez Company started a construction job with a contract price of $1,580,000. The… 1 answer below »

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

During 2017, Martinez Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available.

2017

2018

2019

Costs incurred to date

$404,000

$853,160

$1,073,000

Estimated costs to complete

606,000

254,840

–0–

Billings to date

301,000

904,000

1,580,000

Collections to date

271,000

812,000

1,418,000

Prepare all necessary journal entries for 2018.