A construction company entered into a fixed-price contract to build an office building for $42 million. Construction costs incurred during the first year were $12 million, and estimated costs to complete at the end of the year were $28 million.

The building was completed during the second year. Construction costs incurred during the second year were $29 million.

How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion?

Note: Enter your answers in whole dollars and not in millions (i.e., $4 million should be entered as $4,000,000). Leave no cells blank - be certain to enter "0" wherever required.