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What is the entry to record the actual construction costs

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Question - A construction company is hired to renovate a bathroom, which is estimated to cost $25,000. The contract states the company will get a 20% profit margin on the construction based on actual costs. In the first year, the actual costs incurred were $15,000. Progress billing invoices of $10,000 were issued during the year, of which $8,000 were paid by year end. What is the entry to record the actual construction costs incurred during the year?

Reference no: EM133087296

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