Solaris Énergie is installing a solar power plant on land owned by a municipality, which controls the plant as it is built. Fixed price: 960,000; total expected costs, unchanged: 720,000. At the end of 20X2, cumulative costs reach 540,000; revenue recognised in 20X1 was 288,000. The contract provides for a single invoice on commissioning. Record the revenue entry for 20X2 (progress measured using costs).
- Fixed price
- 960,000
- Total expected costs
- 720,000
- Cumulative costs at the end of 20X2
- 540,000
- Revenue recognised in 20X1
- 288,000