Hercules Energy entered into a contract to install a pipeline for a fixed price of...
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Hercules Energy entered into a contract to install a pipeline for a fixed price of $3 million. Hercules recognizes revenue upon contract completion. How much gross profit would Hercules recognize in 2022? Cost incurred per year Estimated cost to complete 2020 $300,000 $2,100,000 2021 1,700,000 450,000 2022 500,000 $2,500,000 $0 $500,000 $51,020
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