The January 1, 2006 Status of Long-Term Construction Project No

The January 1, 2006 status of long-term construction project No. 6 follows. Assume the completed contract method.
Costs incurred to date = $20,000
Contract price = $80,000
Estimated remaining cost to complete = $40,000
On December 31, 2006, the estimated remaining cost to complete was still $40,000, and $25,000 of cost had been incurred during 2006. Calculate the January 1, 2007 balance of Construction in Process.

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