Given the Following Data, Calculate Profit Recognized in 2007 Under

Given the following data, calculate profit recognized in 2007 under the percentage of completion method for a project begun in 2007 with a contract price of $1,000? $\begin{array}{|l|l|l|}\hline & 2007 & 2008 \\\hline \text { Costs incurred this year } & \$ 100 & \$ 200 \\\hline \text { Total estimated costs remaining at end of year } & 700 & 400 \\\hline\end{array}$

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