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(Solved): Hello, Please show all work calculations. Thank You In February 5, 2015, JenCo signed a $2.70 milli ...



In February 5, 2015, JenCo signed a \( \$ 2.70 \) million contract to construct an office and warehouse for a small wholesaleAssume that the increase in material costs has created significant uncertainty for the contract.
c) Using the zero-profit metHello, Please show all work calculations. Thank You

In February 5, 2015, JenCo signed a million contract to construct an office and warehouse for a small wholesale company. The project was originally expected to be completed in two years, ifficulties in hiring a sufficient pool of skilled workers extended the completion date by an extra year. As well, significant increases in the price of steel in the second year resulted in cost overruns or roject. JenCo was able to negotiate a partial recovery of these costs, and the total contract value was adjusted to million in the second year. Additional information from the project is as follo Assume that the increase in material costs has created significant uncertainty for the contract. c) Using the zero-profit method (IFRS), determine the amount of revenue and expense to report each year. Enter 0 if any amount is zero. Please make sure your final answer(s) are accurate to the nearest whole number. d) Using the completed-contract method (ASPE), determine the amount of revenue and expense to report each year. Enter 0 if any amount is zero. Please make sure your final answer(s) are accurate to the nearest whole number.


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Answer a:Following is the required table:Years201520162017Revenue724,9501,479,050696,000Less: Costs725,0001,327,0001,348,000Gross profit or loss for t
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