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Compute the profit or loss for each year

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Reference no: EM132053300

Question - Intermediate Accounting: Reporting and Analysis (with The FASB's Accounting Standards Codification: A User-Friendly Guide), 1st Edition.

Forman Company has contracted to build a dam over a period of 4 years for $3,000,000. Information relating to the performance of the contract is summarized as follows:

1. a. Compute the profit or loss for each year of the contract under the percentage-of-completion method.

b. Compute the profit or loss for each year of the contract under the completed-contract method.

2. a. Prepare the relevant sections of the income statement for each year under the percentage-of-completion method.

b. Prepare the relevant sections of the income statement for each year under the completed-contract method.

Reference no: EM132053300

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