A construction company entered into a fixed-price contract to build a soccer stadium for $15,000,000. Construction costs incurred during the first year were $3,675,000, and estimated costs to complete at the end of the year were $6,825,000. The company recognizes revenue over time according to percentage of completion.
Fixed-price contract amount:	$15,000,000
Construction costs incurred in first year:	$3,675,000
Estimated costs to complete at end of first year:	$6,825,000
How much revenue and gross profit or loss will appear in the companys income statement in the first year of the contract?
Percentage of completion at end of first year	0%
Revenue	$0
Gross profit (loss)	$0