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A construction company enters into a long - term contract with a customer to build a warehouse. The total contract price is $ 3 million,
A construction company enters into a longterm contract with a customer to build a warehouse. The total contract price is $ million, and the estimated total costs are $ million. In the first year of the project, the company incurs costs of $ and estimates it is complete. Using the percentageofcompletion method, calculate the amount of revenue and profit to be recognized in the first year.
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