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In 2016, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion

In 2016, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):

Accounts Rec $37.5

Actual Const. cost incurred during 2016 $135

Cash collected $105

Const in progress $207

Estimated Percentage of completion 60%

What is the amount of gross profit on the project recognized by CCC during 2016?

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