A construction company uses the percentage-of-completion method for long-term construction contracts.A particular job was begun in 2014 and completed in 2015.During 2014,it appeared that the project would cost 25 percent more than originally expected.Data at the end of each year are given below: 
The contract price was $700,000.Assuming the company properly recorded income in 2013,how much income should be recorded in 2014?
Definitions:
Null Hypothesis
A statement that there is no effect or no difference, and it is the statement being tested in statistical hypothesis testing.
Economic Concerns
Issues related to the health and functioning of an economy, including inflation, unemployment, and GDP growth.
Distribution
The spread of values within a dataset or the pattern showing how often each value occurs.
Chi-square Test
A statistical test used to determine if there is a significant difference between observed and expected frequencies in one or more categories.
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