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In 2013, the Westgate Construction Company entered into a contract to construct a road for Santa C County for $10,000,000. The road was completed in
In 2013, the Westgate Construction Company entered into a contract to construct a road for Santa C County for $10,000,000. The road was completed in 2015. Information related to the contract is as Westgate uses the percentage-of-completion method of accounting for long-term construction contra Required 1. Calculate the amount of gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations.)
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