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Please show me step by step to the answer. Thanks! A construction company entered...

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Accounting

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Please show me step by step to the answer. Thanks!

A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million The building was completed during the second year. Construction costs incurred during the second year were $10 million How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon 5 points contract completion? (Enter your answers in whole dollars. Leave no cells blank- be certain to enter "o" wherever required.) 3 Answer is complete but not entirely correct. Year 1 Year 2 Revenue 8.000.000 12.000.000 profit 2000,000$2,000,000

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