Business, 24.03.2020 23:02, baidentheodore617

Mill Construction Co. uses the percentage-of-completion method of accounting. During 20X5, Mill contracts to build an apartment complex for Drew for $20mn. Mill estimates that total costs would amount to $16mn over the period of construction. In connection with this contract, Mill incurs $2mn of construction costs during 20X5. Mill bills and collects $3mn from Drew in 20X5.What amount should Mill recognize as gross profit for 20x5?

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Mill Construction Co. uses the percentage-of-completion method of accounting. During 20X5, Mill cont...