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How much gross profit would lockhart record

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Question - On January 1, 2016, Lockhart Company contracted to construct a building for Hallstrom Corporation. The contract price was $2 million and the construction was expected to take three years to complete. Actual and expected costs for each year were Year 2016 - $750,000; Year 2017 - $540,000 and Year 2018 - $210,000.

Required - How much GROSS PROFIT would Lockhart record in year 2018, assuming that they use the cost-to-cost method?

Reference no: EM132591212

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