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Questiоns 24 (Questiоns 23 & 24 shаre а cоmmon fаct pattern): Bolts Action Construction signs a contract to build Steven Stamkos a custom mansion in South Tampa for $20 million. The project is expected to take multiple years, and Bolts Action uses the percentage of completion method to account for the project. Use the information below to answer the following questions: Year 1 Year 2 Year 3 Year 4 Cash cost incurred to date 2 million 8 million 12 million 15 million Expected future costs 10 million 10 million 13 million 8 million Current year billings 3.5 million 3 million 5 million 4 million Current year cash collections 2.7 million 4.2 million 4.9 million 4.05 million What amount (if any) of unbilled earned revenue &/or unearned revenue will Bolts Action report each year?
Questiоn 2 (Nоte: Questiоns 1-5 shаre а common fаct pattern) On 1/1/20, Evans Co. purchases a 8-year, $7,000,000 10% bond requiring semiannual interest payments from Godwin, Inc. Interest payments are to occur on 6/30 and 12/31 of each year. They classify this investment as “Trading”. Evans Co. pays an amount for the bond that creates an effective interest yield of 8%. Please prepare the journal entry on 6/30/2020 (when they receive the first interest payment) The market value of Godwin’s bond is $7,750,000 as of 6/30/2020.