In 2013, KP Building Inc. began work on a four-year construction project (called Cincy One). The contract price is $300 million. KP uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for Cincy One: Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below.

Question

In 2013, KP Building Inc. began work on a four-year construction project (called Cincy One). The contract price is $300 million. KP uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for Cincy One:  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, KP Building Inc. began work on a four-year construction project (called Cincy One). The contract price is $300 million. KP uses the percentage-of-completion method of accounting. At the end of 2013, the following financial statement information indicates the results to date for Cincy One:  Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below.