Turner, inc. began work on a $7,000,000contract in 2010 to construct an office builidng. during 2010,turner, inc. incurred costs of $1,700,000, billed thier customersfor $1,200,000, and collected $960,000. at december 31, 2010, theestimated future costs to complete the project total $3,300,000.prepare turner's 2010 journal entries using thepercentage-of-completion method.
construction ,700,000
materials, cash, payables, ,700,000
accounts ,200,000
billingson construction in 1,200,000
,000
,000
construction ,000
[($1,700,000 ÷ 5,000,000) x$2,000,000]
construction ,700,000
revenuefrom long-term ,380,000
($7,000,000,000x 34%)
i just don't understand this part. where didthe 5,000,000 and the 2,000,000 and the 34% come from?

At a student café, there are equal numbers of two types of customers with the following values. the café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i. e., she cannot price-discriminate). students with early classes students without early classes coffee 70 60 banana 51 101 the marginal cost of coffee is 10 and the marginal cost of a banana is 40. the café owner is considering three pricing strategies: 1. mixed bundling: price bundle of coffee and a banana for 161, or just a coffee for 70. 2. price separately: offer coffee at 60, price a banana at 101. 3. bundle only: coffee and a banana for 121. do not offer goods separately. assume that if the price of an item or bundle is no more than exactly equal to a student's willingness to pay, then the student will purchase the item or bundle. for simplicity, assume there is just one student with an early class, and one student without an early class. price strategy revenue from pricing strategy cost from pricing strategy profit from pricing strategy 1. mixed bundling $ $ $ 2. price separately $ $ $ 3. bundle only $ $ $ pricing strategy yields the highest profit for the café owner.