Reference no: EM132978054
Question - In 20x1, Astra Construction Co. was contracted to build Zeneca Company's private road network for 100 million. The project was estimated to be completed in two years, and the contract provided for:
-5% mobilization fee (to be deducted from the last billing) payable within 15 days after the signing of the contract.
-10% retention provision on all billings, and
-Payment of progress billings within 10 days from acceptance.
Astra which uses the percentage of completion method of accounting, estimated a 25% gross margin on the project. By the end of 20x1, Astra had presented progress billings corresponding to 50% completion.
All of the progress billings presented in 20x1 were accepted, except the last one for 10% which was accepted on January 5, 20x2.
With the exception of one bill for 8% which was due on January 7, 2027, all of the billings accepted in 2026 were settled.
How much payments made by Zeneca Company in 20x1?
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