Blossom Construction Co. uses the percentage-of-completion method. In 2024, Blossom began work on a contract for...
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Blossom Construction Co. uses the percentage-of-completion method. In 2024, Blossom began work on a contract for $23000000; it was completed in 2025. The following cost data pertain to this contract: Cost incurred during the year Estimated costs to complete at the end of year Year Ended December 31 2024 $8580000 5720000 2025 $6130000 If the cost-recovery method of accounting was used, the amount of gross profit to be recognized for years 2024 and 2025 would be Blossom Construction Co. uses the percentage-of-completion method. In 2024, Blossom began work on a contract for $23000000; it was completed in 2025. The following cost data pertain to this contract: Cost incurred during the year Estimated costs to complete at the end of year Year Ended December 31 2024 $8580000 5720000 2025 $6130000 If the cost-recovery method of accounting was used, the amount of gross profit to be recognized for years 2024 and 2025 would be
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