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P18-3 (Recognition of Profit and Entries on Long-Term Contract) On March 1, 2010, Chance Company entered into a contract to build an apartment...

P18-3 (Recognition of Profit and Entries on Long-Term Contract) On March 1, 2010, Chance Company
entered into a contract to build an apartment building. It is estimated that the building will cost
$2,000,000 and will take 3 years to complete. The contract price was $3,000,000. The following information
pertains to the construction period.

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