Pensacola Building Co. signed a contract to build a road over a period of three years for a price of $600,000. Information relating to the performance of the contract is summarized below: 
Required: 
Definitions:
Financial Statements
Reports detailing the financial performance of a company, including balance sheet, income statement, cash flow statement, and statement of shareholders' equity.
Readily Observable
Pertains to information or data that is easily seen, recognized, or understood through minimal effort, often used in finance and economics.
Avoidable Interest
Interest cost that a company can avoid if it does not undertake a project or an investment; typically considered in capital budgeting to assess potential savings.
Weighted Average
Weighted average is a calculation method where different values are given different levels of importance or weight, often used in inventory valuation or to average grades.
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