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a construction company entered into a fixed-price contract to build an office building for 42 million. construction costs incurred during the first year were 12
a construction company entered into a fixed-price contract to build an office building for 42 million. construction costs incurred during the first year were 12 million and estimated costs to complete at the end of the year were 28 million. the building was completed during the second year. construction costs incurred during the second year were 29 million. how much revenue and gross profit will the company recognize in the first and second year if it recognizes revenue upon contract completion
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