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how to caluclate it ? You enter into a three year service contract....

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Accounting

imagehow to caluclate it ?

You enter into a three year service contract. The total contract price is $21691. Costs incurred in the first year are $5460 and the expected costs to complete the contract are $8184. How much profit will be recognized on this contract in the first year? Select one: a. 0 b. 6495.26 c. 8047.00 d. 3220.22 Check The correct answer is: 3220.22

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