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G.C Company was awarded a contract to construct an interchange at the junction of U.S. 94 and highway 30 at a total contract price of $4000000. the estimated total costs to complete the project were 3000000.
a) Record construction costs of 1800000 on construction in process to date.
b) Record progress billings of $ 1000000
c) Record the recognition of profit that can be recognized to date, on a percentage of completion basis.
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