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On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,016,000 and

On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,016,000 and will take 3 years to complete. The contract price was $3,494,000. The following information pertains to the construction period.

2012

2013

2014

Costs to date $624,960 $1,430,650 $2,048,000
Estimated costs to complete 1,391,040 584,350

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