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Problem - On December 31, 2014, State Construction Inc. signs a contract with the state of West Virginia Department of Transportation to manufacture a bridge over the New River. State Construction anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project:
Contract price $520 million
Estimated construction costs $400 million
Estimated total profit $120 million
During the three-year construction period, State Construction incurred costs as follows:
2015 $40 million
2016 $240 million
2017 $120 million
Required - Compute the following items for each year using the cost-to-cost method:
1. revenue recognized
2. construction costs expensed
3. gross profit earned
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