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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,720,000. The project was begun in 2023 and

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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,720,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2023 and 2024

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