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Larson Construction, Inc. has consistently used the percentage-of-completion method of recognizing income. During 2004, Larson started work on a $3,000,000 fixed price construction contract. the accounting records disclosed the following data for the year ended December 31, 2004:

Cost incurred $930,000
Estimated remaining costs to complete $2,170,000
Progress billing $1,100,000
Collections $700,000
How much loss should Larson have recognized in 2004?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973467

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