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Business, 20.03.2020 03:16 msjbryant33

A contractor recognized $42,000 of gross profit on a contract at the end of year one of the contract under the percentage-of-completion method. At the end of year two, total estimated project cost exceeded the contract price by $100,000. What amount of loss is to be recognized for year two alone under the percentage-of-completion method (PC), and also under the completed-contract method (CC), had that method been used

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A contractor recognized $42,000 of gross profit on a contract at the end of year one of the contract...
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