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    kymmie1313 Posts: 2, Reputation: 1
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    Oct 4, 2011, 05:33 PM
    Accounting
    Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was then completed in 2011. Below the cost and other data are shown below:
    Year 2010 2011
    Cost incurred during the year $555000 1200000
    Estimated cost to complete $1500000 0
    Billling during the year $450000 1500000
    Cash collections during the year $350000 1400000

    Alpha Great Construction is using the percentage of completion method to recognize revenue:

    Compute the amount of gross profit recognized in 2010 and 2011

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