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Preparing Financial Statement Presentation for Long-Term Contracts Watson Construction Company contracted to build...

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Accounting

Preparing Financial Statement Presentation for Long-Term Contracts
Watson Construction Company contracted to build a plant for $750,000. Construction started in January of Year 1 and was completed in November of Year 2. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow.
\table[[As of December 31,Year 1,Year 2],[Costs incurred,$435,000,$180,000
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