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Business, 26.12.2019 00:31 mdrifraf

In spring 2014, parmac engineering company signed a $160 million contract with the city of parkersburg, to construct a new city hall. parmac expects to construct the building within two years and incur expenses of $120 million. the city of parkersburg paid $40 million when the contract was signed, $80 million within the next six months, and the final $40 million exactly one year from the signing of the contract. parmac incurred $48 million in costs during 2014 and rest in 2015 to complete the contract on time. (numerical calculations required)
using the percentage-of-completion method how much revenue should parmac recognize in 2014? select one:

a. $40 million
b. $120 million
c. $64 million
d. $80 million
e. none of the above

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In spring 2014, parmac engineering company signed a $160 million contract with the city of parkersbu...
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