Essay
A $3,600,000 contract is executed to build a luxury boat. Total estimated costs to complete the project are $2,340,000 million. The construction company incurred the following costs during the project: $936,000 in 2014; $234,000 in 2015; and $1,170,000 in 2016. Compute revenues, expenses, and income for each year 2014 through 2016 using the percentage-of-completion method.
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