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On January 5, 2013, Miller Company agreed to construct a building at a contract price of $6, 500,000. Miller estimated total construction costs would be
On January 5, 2013, Miller Company agreed to construct a building at a contract price of $6, 500,000. Miller estimated total construction costs would be $4, 200,000 and the project would be finished in 2015. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date Under long-term contract accounting, what are the gross profits Miller Company recognized in 2014 and 2015, respectively? (Round to the nearest dollar)
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