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In 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow:
2020
Costs incurred during the year $1,800,000
Estimated costs to complete as of December 31 1,200,000
Billings during the year 1,650,000
Collections during the year 975,000
Problem 1: Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross profit of?
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