A company used the percentage-of-completion method of accounting for a five-year construction contract. Which of the following items will the company use to calculate the income recognized in the third year?
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Progress billings to date |
Income previously recognized |
|
|
a. |
Yes |
No |
|
b. |
No |
Yes |
|
c. |
No |
No |
|
d. |
Yes |
Yes |