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Cullumber Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.6 million. Construction began in 2019 and
Cullumber Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.6 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract: 2019 2020 2021 Costs incurred during the year $661,000 $834,000 $675,900 Estimated costs to complete 1,529,000 717,000 0 Calculate the gross profit to be recognized each year using the completed-contract method. 2019 2020 2021 Revenue $ $ Expenses Gross Profit $
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