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Help me with this During 2023 , Grouper Corporation started a construction job with a contract price of $4.34 million. Grouper ran into severe technical
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During 2023 , Grouper Corporation started a construction job with a contract price of $4.34 million. Grouper ran into severe technical difficulties during construction but managed to complete the job in 2025 . The contract is non-cancellable. Under the terms of the contract, Grouper sends billings as revenues are earned. Billings are non-refundable. The following information is available: Assume billings for the construction contract were as follows: 2023,$520,000;2024,$2,050,000; and 2025,$1,770,000. Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter 0 for amounts. Enter negative amounts using either a negative sign preceding the number eg. 45 or porentheses eg. (45).) Step by Step Solution
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