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All of the other answers on here are wrong for this question. During 2020, Marigold Company started a construction job with a contract price of
All of the other answers on here are wrong for this question.
During 2020, Marigold Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete 575,700 242,440 -0- Billings to date 301,000 897,000 271,000 817,000 1,610,000 1,428,000 Collections to date x Your answer is incorrect. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 0 Gross profit recognized in 2021 $ Gross profit recognized in 2022 $Step by Step Solution
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