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Exhibit 17-2 the Following Information Relates to a Project of the Cumberland

Question 73

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Exhibit 17-2 The following information relates to a project of the Cumberland Construction Company: Exhibit 17-2 The following information relates to a project of the Cumberland Construction Company: The contract price was $1,000,000. Cumberland used the percentage-of-completion method of revenue recognition. -Refer to Exhibit 17-2. What amount of gross profit was recognized in 2016? A) $ 29,375 B) $ 50,000 C) $117,500 D) $150,000
The contract price was $1,000,000. Cumberland used the percentage-of-completion method of revenue recognition.

-Refer to Exhibit 17-2. What amount of gross profit was recognized in 2016?


A) $ 29,375
B) $ 50,000
C) $117,500
D) $150,000

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