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What is the realized gross profit to be recognized by dmc

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Reference no: EM132583556

On January 1, 2020, DMC accepted a long-term construction contract to build a bridge with a total contract price of P 20,000,000. For the three years ended December 31, 2020, 2021, and 2022, the following data were provided by DMC, Inc.

                                                         12/31/2020..............12/31/2021.............12/31/2022

Cumulative construction cost at year-end.....3,000,000...............7,000,000...............12,000,000

Estimated cost to complete a year-end.........12,000,000.............15,000,000...............4,000,000

The outcome of the construction contract can be estimated reliably.

Question 1. What is the realized gross profit (loss) to be recognized by DMC as of December 31, 2021?

Question 2. What is the realized gross profit (loss) to be recognized by DMC for the year ended December 31, 2022?

Reference no: EM132583556

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