Megacorp uses the cost-to-cost ratio to apply the percentage of completion method. It is currently early 2021.
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Megacorp uses the cost-to-cost ratio to apply the percentage of completion method. It is currently early 2021. The following table provides information relating to one of its projects so far. The contract price is $45 million.
Required:
Compute the amount of revenue and gross profit that Megacorp should recognize in each of 2019 and 2020.
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