Project cost estimate = $10 mil; contract totals $12 mil; $2 mil of costs occur...
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Project cost estimate = $10 mil; contract totals $12 mil; $2 mil of costs occur in Years 1 and 2; invoiced amounts $4 mil in Year 1 and $3 mil in Year 2; $1 mil in cash collected each year. Year 2 net income under percentage of completion is: A) $1 million. B) $400,000. C) $1 million loss
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