P1- In 2016, Chicago Construction began work on a three-year


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P1- In 2016, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago recognizes revenue on this contract over time according to percentage of completion. At the end of 2016, the following financial statement information indicates the results to date for the PAC:

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