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Martac Co is in the course of boring a river tunnel. The contract value is $100 million and at the end of year 1 the work is believed to be 70% complete. The costs to date are $80 million; a further $25 million is expected to be needed to finish the project. No payments have been received. What entry should be made in Martac’s statement of financial position for amounts due from customers? A. Nil. B. $6.5 million. C. $75 million. D. -$ 5 million. |