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Accounting for construction contract:Construct Pty Ltd uses the percentage of completion method of accounting for construction contracts. In 2011 Construct Pty Ltd entered into a contract to build a commercial building with a contract price of $4,200,000 for Kairns Ltd. The details relating to the contract are as follows:
2011 2012$ $
Required:
(a) Calculate the amount of profit to be recognised by Construct Pty Ltd for the two years.
(b) Prepare the general journal entries for both years, assuming the outcome of the contract can be reliably estimated.
Calculate the advantage or disadvantage in dropping Product C. (Input the amount as a positive value. Omit the "tiny_mce_markerquot; sign in your response.)
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