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How much revenue and gross profit or loss will appear

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Problem - A construction company entered into a fixed-price contract to build an of?ce building for $38 million. Construction costs incurred during the ?rst year were $12 million and estimated costs to complete at the end of the year were $18 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the ?rst year of the contract?

Reference no: EM132873559

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