Business, 12.03.2021 17:40 rod02

F & R Construction, Inc. has consistently used the percentage-of-completion method of recognizing revenue. Last year F & R started work on a $5,000,000 construction contract, which was completed this year. The accounting records disclosed the following data for last year: Progress billings $1,500,000 Costs incurred 1,350,000 Collections 1,050,000 Estimated cost to complete 2,600,000 How much revenue should F & R have recognized on this contract last year?

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