In 2016,Modern Construction Company entered into a contract to construct a building for $5,000,000.The estimated cost to complete the building is $4,000,000 and the project will be completed in 2017.Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2016 and 2017,respectively.How much gross profit is recognized using the percentage-of-completion method in 2016 and 2017?
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2016: (1,600,000 / 4,000,000)...View Answer
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