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Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable
Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in thousands). decimal places, e.g. 52\%.) Using the percentage-of-completion method, calculate the percentage complete for 2023 and 2024 . (Round answers to 0 decimal places, e.g. 52\%.) Calculate the amount of revenue to be recognized in 2023 and 2024. eTextbook and Media Solution List of Accounts C) Calculate the construction costs to be expensed in 2024. Construction costs $ eTextbook and Media (d) The parts of this question must be completed in order. This part will be available when you complete the part above. (e) The parts of this question must be completed in order. This part will be available when you complete the part above. (f1) The parts of this question must be completed in order. This part will be available when you complete the part above. (f2) The parts of this question must be completed in order. This part will be available when you complete the part above. (g) The parts of this question must be completed in order. This part will be available when you complete the part above
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