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Calculate the amount of revenue and gross profit

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Question - In 2018, Wilson Construction Corporation entered into a contract to construct a building for Credit Depot for $9,000,000. The building was completed in 2020. 2018 information related to the contract is as follows:

2018 Costs incurred during the year $2,100,000

Estimated costs to complete as of year-end 4,900,000

Billings during the year 1,800,000

Cash collections during the year 1,500,000

Wilson recognizes revenue over time according to the percentage of completion.

Calculate the amount of revenue and gross profit to be recognized in 2018.

Reference no: EM132246644

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