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Sunland Builders contracted to build a high-rise for $28,800,000. Construction began in 2024 and is expected to be completed in 2026. Data for 2024 and
Sunland Builders contracted to build a high-rise for $28,800,000. Construction began in 2024 and is expected to be completed in 2026. Data for 2024 and 2025 are: Costs incurred to date $3,680,000 Estimated costs to complete 14,720,000 2024 (a) Sunland uses the percentage-of-completion method. Gross profit 2025 $10,816,000 9,984,000 How much gross profit should be reported for 2024? 4
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