5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

2018

2019

2020

Cost incurred during the year

$

2,184,000

$

3,860,000

$

4,080,000

Estimated costs to complete as of year-end

5,616,000

4,220,000

0

	2018	2019	2020
Revenue
Gross profit (loss)

UPDATE: Contract price is $10,000,000