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Crane Construction Company has entered into a contract beginning January 1,2025 , to build a parking complex. It has been estimated that the complex will
Crane Construction Company has entered into a contract beginning January 1,2025 , to build a parking complex. It has been estimated that the complex will cost $599,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $907,000. The following data pertain to the construction period. (a) Your answer is incorrect. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0 , please enter 0 . Do not leave any fields blank.) Gross profit recognized in 2025 Gross profit recognized in 2026 Gross profit recognized in 2027 Using the cost-recovery method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0 , please enter 0. Do not leave any fields blank) Gross profit recognized in 2025 Gross profit recognized in 2026 Gross profit recognized in 2027
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