Question: How to do this accounting question? Highrise Constructions Ltd had a large 3-year project with total revenue of $5 000 000 and estimated total costs
How to do this accounting question?
Highrise Constructions Ltd had a large 3-year project with total revenue of $5 000 000 and estimated total costs of $4 200 000. The project was 25% complete at the end of the first year, 55% complete at the end of the second year, and 100% complete at the end of the third year. Revenues and costs were as estimated. Required: Calculate the profit under the two methods indicated in the table below
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