Newberg Construction Corporation contracted to construct a building for $400,000. Construction began

 
   

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Newberg Construction Corporation contracted to construct a building for $400,000. Construction began in 2007 and was completed in 2008. Data relating to the contract are as follows:RequiredNewberg uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2007 and 2008, respectively, how much income should Newbergreport?
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Newberg Construction Corporation contracted to construct a build