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Business, 14.10.2021 03:10 hailee6053

Cooper Construction Company had a contract starting April 2020, to construct a $24,000,000 building that is expected to be completed in September 2022, at an estimated cost of $22,000,000. At the end of 2020, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2020 were $4,800,000 and the cash collected during 2020 was 3,200,000. Cooper uses the percentage-of-completion method. For the year ended December 31, 2021, Cooper would recognize gross profit on the building of:

a. $843,333
b. $920,000
c. $1,080,000
d. $0

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