(Recognition of Profit on Long-Term Contracts) During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2019. The following information is available. Instructions (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (b) Prepare all necessary journal entries for 2018. (c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.
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