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In 2025, Crane Construction Corp. began construction work under a 5-year contract. The contract price...

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Accounting

In 2025, Crane Construction Corp. began construction work under a 5-year contract. The contract price was $2,525,000. Crane uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31,2025, follow.
(a)
Y Your answer is incorrect.
How much cash was collected in 2025 on this contract?
Portion of billings collected
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(b)
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