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How much of net income or loss should have been recognized

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Problem 1: During 2009, Main Corporation, Inc. started work on a $5,200,000 fixed-price construction contract to be completed in 2 years. The accounting records disclosed the following data for the year ended December 31, 2009: Cost incurred $2,650,000 Estimated cost to complete $2,720,000 Progress billings $2,500,000 Collections $2,000,000. How much of net income or loss should have been recognized in 2009?

Reference no: EM132942818

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