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Calculate the income recognized by edwards

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Question - Edwards company contracted on 4/1/2012 to construct a building for $2,300,000. The project was completed in 2014.

Additional data follow:

2012 2013 2014

Costs incurred to date 560,000 1,350,000 1,900,000

Estimated cost to complete 1,040,000 450,000 ----

Billings to date 500,000 1,800,000 2,300,000

Collections to date 400,000 1,300,000 2,200,000

Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, 2014.

Reference no: EM131829535

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