On July 1, 2011, Hornby Construction Company Inc. contracted to build an office building for Ladysmith Corp.
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Using the percentage of completion method, compute the revenue and profit or loss to be recognized as a result of this contract for the years ended December 31,2011,2012, and 2013, The company used the cost-to-cost method to estimate the percentage complete, Use a schedule format similar to Exhibit 4-22 to show your calculations.
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2011 2012 2013 Cost incurred to date B 150000 1200000 2100000 Additional costs to complete C 1350000 ...View the full answer
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