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Revenue Recognition Calculation : A company uses the percentage-of-completion method to recognize revenue for a long-term construction project. The total contract value is $1,000,000, and
- Revenue Recognition Calculation: A company uses the percentage-of-completion method to recognize revenue for a long-term construction project. The total contract value is $1,000,000, and the estimated total cost is $800,000. At the end of the first year, the company has incurred $400,000 in costs. Calculate the revenue to be recognized for the first year.
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Financial Accounting
Authors: Walter Harrison, Charles Horngren, William Thomas
10th edition
978-0133427530
