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| Assume U.S. GAAP applies unless otherwise noted.At the beginning of 2008, Florida Road Construction entered into a contract to build a road for the government Construction will take four years. The following information as of 31 December 2008 is available for the contract:Total revenue according to contract $10,000,000 Total expected cost $8,000,000 Cost incurred during 2008$1,200,000 Under the completed contract method, how much revenue will be reported in 2008? A: None B: $300,000 C:$1,500,000 |
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