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Business, 24.10.2019 04:30 Avibx8x8

Haft construction co. has consistently used the percentage-of-completion method. on january 10, year 3, haft began work on a $3 million construction contract. at the inception date, the estimated cost of construction was $2,250,000. the following data relate to the progress of the contract:
gross profit recognized at 12/31/yr 3 $ 300,000
costs incurred 1/10/yr 3 through 12/31/yr 4 1,800,000
estimated cost to complete at 12/31/yr 4 600,000
in its income statement for the year ended december 31, year 4, what amount of gross profit should haft report?

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Haft construction co. has consistently used the percentage-of-completion method. on january 10, year...
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