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Clorad Corp. contracts with a customer to construct a bulding. It appropriately determines that it has one performance obligation which is satisfed over time. Using

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Clorad Corp. contracts with a customer to construct a bulding. It appropriately determines that it has one performance obligation which is satisfed over time. Using the foliowing intormation for Year 1: Required: Prepare the joumal entrios to record Year 1 's (a) construction coste, (b) partial bilings, (e) cash collections, and (d) gross proft General Journal PAGE 1 GENERAL JOURNAL

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