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A construction company entered into a fixed-price contract to build a soccer stadium for $15,000,000,...

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Accounting

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A construction company entered into a fixed-price contract to build a soccer stadium for $15,000,000, Construction costs incurred during the first year were $3,675,000, and estimated costs to complete at the end of the year were $6,825,000. The company recognizes revenue over time according to percentage of completion. 3 How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract

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