In 2019, Flimsy Construction Ltd has recognised 38 per cent of the total expected revenue from a

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In 2019, Flimsy Construction Ltd has recognised 38 per cent of the total expected revenue from a contract to build a house extension. The total contract price is $43,000, and Flimsy expects its costs for the contract to be $29,500. Costs so far have been in line with expectations. How much contract expense should Flimsy recognise for 2019 and what would the resulting contract profit be for 2019?

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