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Kailey Construction accepted a three-year, $1,000,000 fixed fee contract to renovate a parking deck. Kailey...

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Accounting

Kailey Construction accepted a three-year, $1,000,000 fixed fee contract to renovate a parking deck. Kailey uses the percentage of completion method and the cost-to-cost method of measuring progress. Information related to the construction contract follows:
\table[[,2022,2023,2024],[\table[[Actual construction costs incurred during],[the year]],$350,000,$525,000,$50,000
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