Business, 19.03.2020 21:01 sxbenn

At the end of the third year of a contract, total estimated project cost exceeds the contract price. In both of the first two years, the firm recognized gross profit on the contract under percentage of completion. What is the ending balance in the construction-in-progress account at the beginning of year four on the contract under the percentage-of-completion method (PC), and under the completed-contract method (CC), had that method been used

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At the end of the third year of a contract, total estimated project cost exceeds the contract price....

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