Mar Co. is a construction company. In 2019, it entered into a two-year contract to construct a
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Mar Co. is a construction company. In 2019, it entered into a two-year contract to construct a building for $3,000,000. It estimated that actual costs will be $2,500,000. Actual costs in 2019 are $1,500,000. In 2020, actual costs are $800,000. What income does Mar Co. report in 2019 and 2020 under the completed contract and percentage-of- completion methods?
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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