A firm is building a bridge for a contract price of $7,000,000. They originally estimate the total cost to complete the project at $4,000,000. You must deal with two years of history and gross profit recognition. Year One: the firm could account for 1,000,000 in actual expenses: Recognized Revenue $ __ Costs Recognized $__ GROSS PROFIT $ __ Year Two: The firm rethinks it's orim'nal estimate of total costs to complete |l]r jnh It now feels that the cost of the project will run 10% more than tliev oripinallv thought. The firm can account for 2,000,000 of actual expenses in this second year. Recognized Revenue $ __ Costs Recognized $ GROSS PROFIT