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Rock Aerospace Company Signed a Contract on April 1, Year  Year 4 $5,600,000 Year 5$11,200,000 Year 6 $5,600,000\begin{array}{ll}\text { Year 4 } & \$ 5,600,000 \\\text { Year } 5 & \$ 11,200,000 \\\text { Year 6 } & \$ 5,600,000\end{array}

question 6

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Rock Aerospace Company signed a contract on April 1, Year 4, to build a satellite for $28,000,000.Estimated costs for the contract are:
 Year 4 $5,600,000 Year 5$11,200,000 Year 6 $5,600,000\begin{array}{ll}\text { Year 4 } & \$ 5,600,000 \\\text { Year } 5 & \$ 11,200,000 \\\text { Year 6 } & \$ 5,600,000\end{array}
 Assume that actual costs incurred coincide with expectations. Cash collections of the contract price are as follows: \text { Assume that actual costs incurred coincide with expectations. Cash collections of the contract price are as follows: }
 Year 4$4,200,000 Year 5$7,000,000 Year 6 $16,800,000\begin{array}{ll}\text { Year } 4 & \$ 4,200,000 \\\text { Year } 5 & \$ 7,000,000 \\\text { Year 6 } & \$ 16,800,000\end{array} Refer to the Rock Aerospace Company example.Income from the contract for Year 5 under the percentage-of-completion method is:


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