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What is the dollar value of gross profit recognized

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Reference no: EM132440919

Question - A Company reports the following information for a $10,000,000 construction contract:

Actual costs $5,000,000

Estimated costs to complete 9,000,000

Progress billings 3,300,000

Cash collected 3,000,000

What is the dollar value of gross(loss) profit recognized? Please use the input method based on costs incurred to measure progress toward completion of the contract?

Reference no: EM132440919

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