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A construction company enters a long-term contract with a customer. The contract price is $2,500,000....

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Accounting

A construction company enters a long-term contract with a customer. The contract price is $2,500,000. Year 1 costs are $700,000, and it's estimated the project is 30% complete. Using the percentage-of-completion method, what profit is recognized in Year 1?
A) $50,000
B) $210,000
C) $750,000
D) $1,800,000
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