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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2012 and completed in 2013. Cost and other data are presented below: Assume that Beavis uses the percentage-of-completion method for revenue recognation.
Required: Compute the amount of gross profit recognized during 2012 and 2013.
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Spencer Duck (SSN 277-31-7264) is single and his eight-year-old son, Mitch, lives with him nine months of the year in a rented condominium at 321 Hickory Drive in Ames, Iowa. Mitch lives with his mother, Spencer's ex-wife, during the summer mo..
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