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On march 1 2012 chance company entered into a contract to

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On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,016,000 and will take 3 years to complete. The contract price was $3,494,000. The following information pertains to the construction period.

2012

2013

2014
Costs to date
$624,960
$1,430,650
$2,048,000
Estimated costs to complete
1,391,040
584,350
-0-
Progress billings to date
892,000
1,805,000
3,494,000
Cash collected to date
842,000
1,678,000
3,345,000

A. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2012

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Gross profit recognized in 2013

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Gross profit recognized in 2014

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Reference no: EM13568454

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