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How much revenue and gross profit or loss will appear

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A construction company entered into a fixed-price contract to build an office building for $32 million. Construction costs incurred during the first year were $9 million and estimated costs to complete at the end of the year were $21 million. The company recognizes revenue over time according to percentage of completion.

Problem 1: How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract?

Reference no: EM132838298

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