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In 2010, Fargo Corporation began construction work under a threeyear contract. The contract price is $2,400,000. Fargo uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2010, follow:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M979333

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