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During 2017 nilsen company started a construction job

01/05/2021 Client: muhammad11 Deadline: 2 Day

During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2019. The following information is available. The contract is non-cancellable.

During 2017, Nilsen Company started a construction job with a
Instructions:
(a) Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
(b) Prepare all necessary journal entries for 2018.
(c) Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

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