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On December 31, 2019, Shawshank Construction Inc. signs a contract to manufacture a bridge which it anticipates the construction will take three years. The companys

On December 31, 2019, Shawshank Construction Inc. signs a contract to manufacture a bridge which it anticipates the construction will take three years.

The companys accountants provide the following contract details relating to the project:

Contract price

$780 million

Estimated construction costs

$600 million

Estimated total profit

$180 million

During the three-year construction period, Shawshank incurred costs as follows:

2020

$ 60 million

2021

$360 million

2022

$180 million

Shawshank uses the cost-to-cost method to recognize revenue. Which of the following represent the revenue recognized in 2020, 2021, and 2022?

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