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how much revenue should be recognised

On 1 July 2019 Constructa Ltd entered into a contract to construct a 211km long stretch of railway line for their client Trainer Ltd. Details of the contract are as follows: Contract price: $21416704 Anticipated construction period: 3 years, commencing 1 July 2019 All costs incurred are paid in cash by the end of each year The outcome of the contract is able to be reliably determined Year 1 (30 June 2020) Costs incurred 4260961 Estimated costs to complete 10026763 Billings during the year 8,000,000 Cash collected during the year 6,500,000 64km Kms of railway completed h On the basis that revenue is determined using the output method calculate the profit that will be recognised in the year ended 30 June 2020 on the contract. D IN WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000