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What the portion of the total gross profit to be recognized

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Question - Apple Construction Corporation uses the completed-contract 2017 method of accounting. In 2017, Apple began work on a contract it had received which provided for a contract price of $4,000,000. Other details follow:

Costs incurred during the year $800,000

Estimated costs to complete as of December 31 2,400,000

Billings during the year 920,000

Collections during the year 700,000

Required - What the portion of the total gross profit to be recognized as income in 2017?

Reference no: EM132795783

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