Crane Corp. contracted to build a bridge for $4,820,000. Construction began in 2023 and was completed in 2024. Data relating to the construction are: 2023 2024 Costs incurred $1,561,680 $1,349,600 Estimated costs to complete 1,330,320

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume, instead of $1,440,000, the latest forecast of total costs at the end of 2023 was $1,968,000. How much income would Sheridan then report for the year 2023? 

Crane Corp. contracted to build a bridge for $4,820,000. Construction began in 2023 and was completed in 2024. Data relating to
the construction are:
2023
2024
Costs incurred
$1,561,680
$1,349,600
Estimated costs to complete
1,330,320
Transcribed Image Text:Crane Corp. contracted to build a bridge for $4,820,000. Construction began in 2023 and was completed in 2024. Data relating to the construction are: 2023 2024 Costs incurred $1,561,680 $1,349,600 Estimated costs to complete 1,330,320
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