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Compute the amount of gross profit

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Reference no: EM13513640

During 2012, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2014. The following information is available.

1207_Compute the amount of gross profit.PNG

Instructions

(a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of completion method is used.

(b) Prepare all necessary journal entries for 2013.

(c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method isused.

Reference no: EM13513640

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