Business, 14.10.2020 01:01 taleiayarbough2940

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2020 and completed in 2021. Cost and other data are presented below: In 2020: Cost incurred during the year is $1,500,000; Estimated cost to complete is $1,300,000 In 2021: Cost incurred during the year is $1,200,000; Estimated cost to complete is $0. Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. How much is gross profit(loss) recognized during 2021

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McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Constr...

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