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Ramos, Inc. began work in 2014 on contract #3819, which provided for a contract price of $9,000,000. Ramos uses the percentage-of-completion approach (i.e., revenue recognition
Ramos, Inc. began work in 2014 on contract #3819, which provided for a contract price of $9,000,000. Ramos uses the percentage-of-completion approach (i.e., revenue recognition over time). Other details follow: 2014 Costs incurred during the year $4,920,000 2014 Estimated costs to complete, as of December 31 $3,280,000 2015 Costs incurred during the year $2,180,000 2015 Estimated costs to complete, as of December 31 $2,400,000 The portion of the total gross profit (loss) to be recognized as income in 2015, rounded to the nearest $1,000, is?
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