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7. Which one of the following statements is true regarding the percentage-of- completion method for construction projects? A. The construction in progress account records

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7. Which one of the following statements is true regarding the percentage-of- completion method for construction projects? A. The construction in progress account records cost of construction and gross profit on a yearly basis. OB. A journal entry is made to recognize total revenue at the end of the project. OC. Three journal entries are required to record yearly activity. D. A debit entry is made to the construction in progress (liability) account.

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