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Calculate the gross profit to be recognized each year

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Reference no: EM133150233

Question - Wildhorse Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.8 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:

 

2019

2020

2021

Costs incurred during the year

$647,000

$818,000

$725,900

Estimated costs to complete

1,493,000

721,000

0

Required - Calculate the gross profit to be recognized each year using the completed-contract method.

Reference no: EM133150233

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