Athena Co. started work on an P8M fixed-price construction contract in 20x1. Information on the contract is as follows: 20x1 20x2 20x3 Costs incurred per year 2,850,000 3,670,000 1,600,000 Estimated costs to complete 4,275,000 1,630,000 - Requirement: Compute for the amounts recognized in profit or loss in 20x1, 20x2, 20x3, respectively.
Athena Co. started work on an P8M fixed-price construction contract in 20x1. Information on the contract is as follows: 20x1 20x2 20x3 Costs incurred per year 2,850,000 3,670,000 1,600,000 Estimated costs to complete 4,275,000 1,630,000 - Requirement: Compute for the amounts recognized in profit or loss in 20x1, 20x2, 20x3, respectively.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Athena Co. started work on an P8M fixed-price construction contract in 20x1. Information on the contract is as follows:
20x1 20x2 20x3
Costs incurred per year 2,850,000 3,670,000 1,600,000
Estimated costs to complete 4,275,000 1,630,000 -
Requirement: Compute for the amounts recognized in profit or loss in 20x1, 20x2, 20x3, respectively.
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