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In 2021, Bartov Corporation agreed to build a warehouse for $1,900,000. Expected costs for the ware- house follow: 2022, $300,000; 2023, $750,000; and 2024, $375,000.
In 2021, Bartov Corporation agreed to build a warehouse for $1,900,000. Expected costs for the ware- house follow: 2022, $300,000; 2023, $750,000; and 2024, $375,000. Assume that Bartov completed the warehouse on time and on budget, that Bartov's performance obligation for the warehouse is fulfilled over time and that the costs incurred provide a close approximation of the value conveyed to the customer. Compute revenues, expenses, and income for each year 2022 through 2024.
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-13. Computing Revenues on Long-Term Projects In 2021 , Bartov Corporation agreed to build a warehouse for $1,900,000. Expected costs for the warehouse follow: 2022, $300,000;2023, $750,000; and 2024, $375,000. Assume that Bartov completed the warehouse on time and on budget, that Bartov's performance obligation for the warehouse is fulfilled over time and that the costs incurred provide a close approximation of the value conveyed to the customer. Compute revenues, expenses, and income for each year 2022 through 2024Step by Step Solution
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