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In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for exist10,000,000. The road was completed in
In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for exist10,000,000. The road was completed in 2018. Information related to the contract is as follows: Westgate recognizes revenue over time according to percentage of completion. Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)
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