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Noyes Construction Corporation Contracted to Construct a Building for $4,500,000

Question 42

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Noyes Construction Corporation contracted to construct a building for $4,500,000. Construction began in 2016 and was completed in 2017. Data relating to the contract are summarized below: Noyes Construction Corporation contracted to construct a building for $4,500,000. Construction began in 2016 and was completed in 2017. Data relating to the contract are summarized below: Noyes assumes the performance obligation is satisfied over time. What amount of gross profit should Hayes report for 2016? A) $0 B) $675,000 C) $810,000 D) $900,000
Noyes assumes the performance obligation is satisfied over time. What amount of gross profit should Hayes report for 2016?


A) $0
B) $675,000
C) $810,000
D) $900,000

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