Question: In 2 0 2 5 , Crane Construction Corp. began construction work under a 3 - year contract. The contract price was $ 9 3
In Crane Construction Corp. began construction work under a year contract. The contract price was $ Crane uses the percentageofcompletion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December are shown below.
Accounts receivable
$
Construction in process
$
Less: Billings
Costs and recognized profit in excess of billings
Income Statement
Income before tax on the contract recognized in $ What was the initial estimated total income before tax on this contract?
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