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Cullumber Construction Company has entered into a contract beginning January 1, 2025, to...

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Accounting

image Cullumber Construction Company has entered into a contract beginning January 1, 2025, to build a parking complex. It has been estimated that the complex will cost $603,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $899,000. The following data pertain to the construction period. (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0 , please enter 0. Do not leave any fields blank.) Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ Gross profit recognized in 2027 $

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