Question: Flin Flon Construction Company is under contract to build a commercial building at a price of $4.2 million. Construction begins in January 2013 and finishes

Flin Flon Construction Company is under contract to build a commercial building at a price of $4.2 million. Construction begins in January 2013 and finishes in December 2015. Total estimated construction costs are $2.8 million. Actual construction costs incurred in each year are as follows: in 2013, $840,000; in 2014, $1,120,000; and in 2015, $840,000. Calculate the revenue and gross profit to be recognized in each year using the percentage-of-completion method.

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