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Monkey Corporation uses the completed-contract method. At the end of the first year of a $9002000 contract, the following information is available: Costs to
Monkey Corporation uses the completed-contract method. At the end of the first year of a $9002000 contract, the following information is available: Costs to date: Estimated costs to complete $2030000 6007000 Progress billings during the year 1821000 Cash collected during the year 1543000 In the first year, Monkey should recognize gross profit of $278000 $0 $241250 $965000
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