What amount of gross profit would be recognized in 2013

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Reference no: EM133737

Question :

Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:

Total Construction Fixed Price $8,000,000

Construction Start Date March 3, 2012

Construction Complete Date December 4, 2014

As of Dec 31... 2012 2013

Actual cost incurred per year 2,000,000 $1,000,000

Estimated costs to complete $ 2,000,000 $1,000,000

Billed to customer $2,400,000 $5,300,000

Received from customer $2,250,000 $5,400,000

Consider Platypus Building Inc. uses the percentage of completion technique, what amount of gross profit would be recognized in 2013?

Reference no: EM133737

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