Brief Exercise 6-34(Algo) Long-term contract; revenue recognition over time; balance sheet [LO6-8,6-9] A...
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Brief Exercise Algo Longterm contract; revenue recognition over time; balance sheet LO A construction company entered into a fixedprice contract to build an office building for $ million. Construction costs incurred during the first year were $ million, and estimated costs to complete at the end of the year were $ million. The company recognizes revenue over time according to percentage of completion. During the first year the company billed its customer $ million, of which $ million was collected before yearend. What would appear in the yearend balance sheet related to this contract? Note: Enter your answers in whole dollars and not in millions ie $ million should be entered as $ tableBalance Sheet PartialAssets: 
Brief Exercise Algo Longterm contract; revenue recognition over time; balance sheet LO
A construction company entered into a fixedprice contract to build an office building for $ million. Construction costs incurred during the first year were $ million, and estimated costs to complete at the end of the year were $ million. The company recognizes revenue over time according to percentage of completion.
During the first year the company billed its customer $ million, of which $ million was collected before yearend.
What would appear in the yearend balance sheet related to this contract?
Note: Enter your answers in whole dollars and not in millions ie $ million should be entered as $
tableBalance Sheet PartialAssets:
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