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On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,016,000 and will take 3 years to complete. The contract price was $3,494,000. The following information pertains to the construction period.
2012
2013
2014
A. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
$
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