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Problem-
Kiner, Inc. began work in 2012 on a contract for $12,600,000. Other data are as follows:
2012
2013
Costs incurred to date
$5,400,000
$8,400,000
Estimated costs to complete
3,600,000
Billings to date
4,200,000
12,600,000
Collections to date
3,000,000
10,800,000
If Kiner uses the completed-contract method, the gross profit to be recognized in 2013 is
a. $2,040,000.
b. $4,200,000.
c. $2,100,000.
d. $8,400,000.
Additional information-
This problem related to Basics Accounting and calculation of profit using completed contract method.
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