In 2014,Modern Construction Company Entered into a Contract to Construct

question 92

Essay

In 2014,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 2015.Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2014 and 2015,respectively.How much gross profit is recognized using the percentage-of-completion method in 2014 and 2015?

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Definitions:

Theological Stage

AUGUSTE Comte's term for the earliest stage of human society, in which explanation of the world relies on religious and supernatural beliefs.

Positive Stage

In the context of philosophical and social development theories, particularly those of Auguste Comte, it refers to the final stage of societal evolution in which scientific methods and empirical data are used to understand societal issues.

Industrial Stage

A phase in the development of a society characterized by the growth of industries, mass production, and a shift from agrarian to industrial economies.

Global Village

A term that describes the world as being interconnected through technology, making distances shorter and communication instant, as envisioned by Marshall McLuhan.