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Determine the amount of loss that Wells should recognize

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Reference no: EM132890026

Problem - Wells Corp. appropriately determined that Construction Project A was a single performance obligation that is satisfied over time. For this project, Wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project. During the current year, Wells accumulated the following information about this project:

Construction costs incurred for the year, $92,000

Construction costs incurred to date (including this year's costs), $200,000

Estimated costs to complete, $300,000

Based on the previous information, prepare a schedule to determine the amount of loss that Wells should recognize for the current year.

Reference no: EM132890026

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