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In 2021, Pharoah Corporation began construction work under a three-year contract. The contract price is $800000. Pharoah uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.
The financial statement presentations relating to this contract at December 31, 2021, follow:
Balance Sheet
Accounts receivable-construction contract billings $336000
Construction in progress$1000000
Less contract billings800000
Costs and recognized profit in excess of billings 200000
Income Statement
Income (before tax) on the contract recognized in 2021 $200000
Problem 1: How much cash was collected in 2021 on this contract?
Option 1: $464000 Option 2: $64000 Option 3: $336000 Option 4: $800000
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