King Construction Company began work on a contract in 2017.

King Construction Company began work on a contract in 2017. The contract price is $ 4,000,000, and King determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows:
King Construction Company began work on a contract in 2017.

Required:
1. How much gross profit or loss does King recognize in 2017?
2. Next Level Prepare the appropriate sections of the 2017 income statement and ending balance sheet.

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