1. Kilpatrick Construction, Inc., is constructing an office building for the government of Alberta. Construction on the building began in 2009 and is expected to be completed in 2021. Details of the contract are as follows: 2020 $1 500 000 Contract price (fixed): 2019 $1 500 000 Costs incurred in current year 200 000 600 000 Expected additional costs to complete 800 000 600 000 Billings to end of year 250 000 700 000 Cash Collections during year 200 000 625 000 Kilpatrick recognizes revenue on a percentage-of-completion basis, using costs as a basis for estimating the appropriate percentage. Determine the amount of revenue and gross profit that should be recognized in 2019 and 2020 respectively