In 2013, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for the PAC: Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below:

Question

In 2013, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for the PAC:  Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below:

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The Answer of In 2013, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for the PAC:  Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below:

In 2013, Chicago Construction Began Work on a Three-Year Construction