How should earned but unbilled revenues at the balance sheet date on a long-term construction contract be disclosed if the percentage-of-completion (POC) method of revenue recognition is used?
Provide the required journal entries for this project.
POC Revenue 1,5 Mio
Project costs 1,0 Mio
Billings 1,8 Mio
Unearned 0,3 Mio
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