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What the gross profit to be recognized is

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Classical Ltd. Began work in 2020 on a contract for $1,250,000. Other data are:

                                                                                         2020                     2021

Costs incurred to date                                          $540,000        $335,000

Estimated costs to complete as of December 31            360,000            -

Billings to date                                                         420,000         1,250,000

Collections to date                                                    300,000             1,000,000

Problem 1: If Classical uses the completed-contract method, the gross profit to be recognized in 2021 is?

Reference no: EM132819173

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