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In late April, the Acme Construction Co . submitted a $ 1 , 2 0 0 , 0 0 0 progress billing on a construction

In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when:

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