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Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $58 million....

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Accounting

Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $58 million. Construction costs incurred in the first year were $48 million and estimated remaining costs to complete at the end of the year were $29 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method? (Enter your answer in millions.)

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