ABC Company is a heavy manufacturing construction company and has contracted with XYZ to build a project for $1,000,000 that is expected to cost $600,000. The project starts in 2020, and at the end of 2020 the project is 20% complete. Under the percentage-of-completion method, how much income should ABC recognize for 2020?

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Under the percentageofcompletion method ABC Company would recognize 80000 of income for ... View the full answer