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In 2006, KP Building Inc. began work on a four-year construction project (called "Cincy One"). The contract price is $300 million. KP uses...

1. In 2006, 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 2006, the following financial statement information indicate the results to date for Cincy One:

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