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A construction company enters a long-term contract with a customer. The contract price is $6,500,000. Year 1 costs are $900,000, and it's estimated the project is 20% complete. Using the percentage-of-completion method, what profit is recognized in Year 1? ## Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 34 dislikes for you and more from my friend's accounts also.

A construction company enters a long-term contract with a customer. The contract price is $6,500,000. Year 1 costs are $900,000, and it's estimated the project is 20% complete. Using the percentage-of-completion method, what profit is recognized in Year 1? ## Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 34 dislikes for you and more from my friend's accounts also.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A construction company enters a long-term contract with a customer. The contract price is $6,500,000. Year 1 costs are $900,000, and it's estimated the project is 20% complete. Using the percentage-of-completion method, what profit is recognized in Year 1? ## Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 34 dislikes for you and more from my friend's accounts also.
Transcribed Image Text:A construction company enters a long-term contract with a customer. The contract price is $6,500,000. Year 1 costs are $900,000, and it's estimated the project is 20% complete. Using the percentage-of-completion method, what profit is recognized in Year 1? ## Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 34 dislikes for you and more from my friend's accounts also.
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