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(b)   Construction in Process.......................................      535,000
             ($935,000 – $400,000)
                   Materials, Cash, Payables, etc..................                           535,000
        Accounts Receivable ($900,000 – $300,000)....      600,000
                Billings and Construction in Process........                           600,000

        Cash ($810,000 – $270,000)..................................      540,000
                Accounts Receivable.....................................                           540,000

        Construction Expenses........................................      535,000
        Construction in Process.......................................                           140,000
                Revenue from Long-term Contracts...........                           675,000*

        *$1,500,000 X (85% – 40%)

(c)   Gross profit recognized in:

2004
2005
2006
Gross profit
$ –0–
$ –0–
$430,000*
        *$1,500,000 – $1,070,000



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