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Exxon Mobil Corporation recently secured a contract worth $200,000 for an oil drilling project. However, the estimated costs for the project amount to $220,000, indicating
Exxon Mobil Corporation recently secured a contract worth $200,000 for an oil drilling project. However, the estimated costs for the project amount to $220,000, indicating a potential loss. During the first year of operations, the company incurred costs totaling $100,000. Given this scenario, how much revenue should Exxon Mobil Corporation recognize, taking into account the loss incurred in the project?
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