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What amount should the building be recorded

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Reference no: EM13553398

Elliott Company constructed a building at a cost of $50,000. A local contractor had submitted a bid to construct it for $60,000.

a. At what amount should the building be recorded?

b. Should revenue be recorded for the savings between the cost of $50,000 and the bid of $60,000?

Reference no: EM13553398

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