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(0) Assume that XYZ Company is given a 3 year contract worth $9,000,000 to build a ship during the years 2018, 2019, and 2020 where

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(0) Assume that XYZ Company is given a 3 year contract worth $9,000,000 to build a ship during the years 2018, 2019, and 2020 where the contract is signed january 1st, 2018 and work to build the ship started the same day. It is estimated that the total cost to build the ship would be $6,000,000. Further assume that in 2018 $2,000,000 cost was incurred to build the ship. How much revenue should be recognized in 2018? Please show supporting computations

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