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2. [I’M ] Inc . entered into a contract to install a pipeline for a fixed price of $ 2, 200, 000
IN`’HE recognizes revenue upon contract completion . ( Show’ computations )
Cost incurred
Estimated Cost to
Complete*
2017
250,000
$ 1, 550,000
2018
1 , 600, 000
500, 000
2019
450, 000
In 2019, IWAS would report gross profit ( loss) of"
 
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