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Falton Co. has the following first-year amounts related to its $9mn construction contract: Actual costs incurred and paid $2mn Estimated costs to complete $6mn Progress
Falton Co. has the following first-year amounts related to its $9mn construction contract: Actual costs incurred and paid $2mn Estimated costs to complete $6mn Progress billings $1.8mn Cash collected $1.5mn What amount should Falton recognize as a current liability at year end, using the percentage-of-completion method?
$0 $200,000 $250,000 $300,000
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