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A construction company entered into a fixed-price contract

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A construction company entered into a fixed-price contract to build an office building for $18 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million.

  1. How much revenue will appear in the company's income statement in the first year using the percentage-of-completion method?
  2. How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method?

Reference no: EM13589589

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