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Algor Inc. entered into a $975,000 3-year contract to maintain a client's computer system. At the end of the first year, the costs incurred on

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Algor Inc. entered into a $975,000 3-year contract to maintain a client's computer system. At the end of the first year, the costs incurred on the contract were $225,000 and it was estimated t remaining years of the contract. What is the amount of profit that can be recognized on this contract for the first year? $196,875 $69,463 $421,875 $294,463

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