7 Incorrect Mark 0.00 out of 10.00 Flag question Edit question Computing Income Statement Effect of Revenue Recognition on Long-Term Construction Contract On January 1, 2020, BuilderOne Inc. enters into a contract with a customer to redesign and update an office building for a price of $2,400,000. The construction is estimated to take three years at a total estimated cost of $2,000,000. Costs incurred in 2020 total $400,000. Determine the revenue and expense amounts to be recognized in the income statement in 2020 assuming that the company appropriately recognizes revenue at a point in time. Total revenue recognized in 2020 $ Total expense recognized in 2020 $ 480,000 400,000 x