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Business, 18.11.2019 22:31 ErickP1686

Ivanhoe construction is constructing an office building under contract for cannon company and uses the percentage-of-completion method. the contract calls for progress billings and payments of $165 each quarter. the total contract price is $18708000 and ivanhoe estimates total costs of $1785. ivanhoe estimates that the building will take 3 years to complete, and commences construction on january 2, 2018. at december 31, 2018, ivanhoe estimates that it is 30% complete with the construction, based on costs incurred. what is the total amount of revenue from long-term contracts recognized for 2018 and what is the balance in the accounts receivable account assuming cannon company has not yet made its last quarterly payment?
revenue accounts receivablea. $3,720,000 $3,720,000b. $3,195,000 $ 930,000c. $3,348,000 $ 930,000d. $3,195,000 $3,720,000

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