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Determine the expenses for the first year

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Question - XYZ signed a contract on 1 January 2011, agreeing to build a warehouse for ABC at a contract price of $40,000. Total expenses was $20,000. The cost for the first year was $15,000 whereas the payment for the first year was $10,000. Determine the expenses for the first year using accounting for construction contract method.

a. $15,000

b. $10,000

c. $20,000

d. $40,000

Reference no: EM132528926

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