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23) Look-back interest may be required on long-term contracts if actual total costs had been employed in determining gross profit rather than estimated costs in
23) Look-back interest may be required on long-term contracts if actual total costs had been employed in determining gross profit rather than estimated costs in earlier years of the contract. The interest will not be assessed if A) the contract price is less than $1 million. B) the contract is completed within two years of the commencement date. C) the completed contract method is used. D) All of the above are correct. 23)
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