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Bywater Construction Contracted to Build a Ship Over a Two

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Bywater Construction contracted to build a ship over a two year period. The contract price was $21,000,000 with an estimate total cost of $18,400,000. The following cost data relate to the construction period.
Bywater Construction contracted to build a ship over a two year period. The contract price was $21,000,000 with an estimate total cost of $18,400,000. The following cost data relate to the construction period. Prepare the necessary journal entries for 2011, 2012, and 2013 assuming Bywater uses the percentage-of-completion method.
Prepare the necessary journal entries for 2011, 2012, and 2013 assuming Bywater uses the percentage-of-completion method.

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