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Business, 27.11.2019 22:31 Bryansbaby03

Beck construction company began work on a new building project on january 1, 2020. the project is to be completed by december 31, 2022, for a fixed price of $131 million. the following are the actual costs incurred and estimates of remaining costs to complete the project that were made by beck's accounting staff: years actual costs incurred in each year estimated remaining costs to complete the project (measured at dec. 31 of each year) 2020 $ 36 million $ 72 million 2021 $ 57 million $ 57 million 2022 $ 41 million $ 0 required: what amount of gross profit (or loss) would beck record on this project in each year, assuming that beck recognizes revenue for this project upon completion of the project?

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