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Crane Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build...

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Accounting

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Crane Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build a parking complex. It has been estimated that the complex will cost $650,000 and will take three years to construct. The complex will be billed to the purchasing company at $970,000. The following data pertain to the construction period. Your answer has been saved. See score details after the due date. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses eg. (45).) Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter 0 for amounts. Enter negative amounts using either a negotive sign preceding the number eg. 45 or parentheses eg. (45).)

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