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Revenue Recognition Over Time : A company is building a custom piece of machinery for a client over a 3-year period. The total contract value
- Revenue Recognition Over Time: A company is building a custom piece of machinery for a client over a 3-year period. The total contract value is $300,000, and the estimated total cost is $240,000. By the end of the first year, the company has incurred $80,000 in costs. Calculate the revenue to be recognized at the end of the first year using the cost-to-cost method.
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