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In 2016,Modern Construction Company entered into a contract to construct a building for $5,000,000.The estimated cost to complete the building is $4,000,000 and the project will be completed in 2017.Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2016 and 2017,respectively.How much gross profit is recognized using the percentage-of-completion method in 2016 and 2017?
Investigation
The systematic examination or research conducted to discover or examine facts or truths, often in a specific area or matter.
Verification
The process of proving the truth, accuracy, or validity of something, often through the examination of evidence or conducting tests.
Technical Capabilities
The specialized skills, knowledge, and expertise that individuals or organizations possess in technical areas or specific technologies.
Proprietary Rights
Legal rights granted to owners to control the use of their intellectual property or inventions exclusively.
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