1. Contract specifies we will earn $3,500,000 \begin{tabular}{llrrr|} \hline 3. Costs incurred during the year & Year 1 & Year 2 & Year 3 \\ \cline { 3 - 5 } 4. Estimated cost to complete & $1,200,000 & $900,000 & $1,350,000 \\ \hline \end{tabular} \% OF COMPLETION COMPLETED CONTRACT GP recognized this period Contract specifies we will earn $3,500,000