[Solved] Use the Following to Answer Questions
Use the following to answer questions
McCombs Contractors received a contract to construct a mental health facility for $2,500,000.Construction was begun in 2015 and completed in 2016.Cost and other data are presented below:
-Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.
Required: Compute the amount of gross profit recognized during 2015 and 2016.
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