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The following data relate to a construction job started by

Question - The following data relate to a construction job started by Syl Co. during 2007: Total contract price $100,000 Actual costs during 2007 20,000 Estimated remaining costs 40,000 Billed to customer during 2007 30,000 Received from customer during 2007 10,000 Under the completed-contract method, how much should Syl recognize as gross profit for 2007?

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