Under the percentage of completion method, a company has tecognized $40,000 of profit through to the beginning of the current year on a contract, and total estimated contract cost is $500,000 at that time. The contract price is $800,000. What is the percent of completion at the beginning of the current year? Multiple Choice B 13383 Insufficient date 158 Dm of! Next > - The CPA Canada Handbook requires that income for tax purposes be equal to a company's accounting income at all times True or False True False