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What is the step by step process for solving this problem? The Lao Construction Company recognizes revenue over time according to percentage of completion for

What is the step by step process for solving this problem?image text in transcribed

The Lao Construction Company recognizes revenue over time according to percentage of completion for its longterm construction contracts. In 2024 , Lao began work on a construction contract. Information on this contract at the end of 2024 is as follows: What is the contract price (total revenue) on this contract? Multiple Choice $7,000,000 $9,000,000 $7,500,000 $8,750,000

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