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A company was contracted to build a tunnel on 1st Jan 2011 and prepared accounts on 31st December each year. Total contract revenue 200,000 Total

A company was contracted to build a tunnel on 1st Jan 2011 and prepared accounts on 31st

December each year.

Total contract revenue 200,000

Total contract costs 80,000

Actual contract costs incurred (Year 1) 50,000

Progress billings 60,000

Costs actually incurred 31,000

Showing full working, calculate the contract account (asset/liability) balance for the year.

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