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At the beginning of 2016, Florida Road Construction entered into a contract to build a...

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Accounting

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At the beginning of 2016, Florida Road Construction entered into a contract to build a road for the government. Construction will take four years. The following information as of 31 December 2016 is available for the contract: Total revenue according to contract Total expected cost Cost incurred during 2006 $10,000,000 $8,000,000 $1,200,000 Under the completed contract method, how much revenue will be reported in 2016

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