ABC Co. entered into a long-term contract to build a facility for $1,125,000. ABC began on January 1, 2020 and was completed at the end of 2021. ABC uses the cost-to-cost method to measure the completion of its long-term performance obligations when revenue is recognized over time. Data related to the contract are as follows. 2021 $385,000 Costs incurred during year Estimated costs to complete at 12/31 Billings during the year Cash collections during the year 2020 $652,500 478,750 486,000 450,000 639,000 675,000 * Project completed at year-end; thus all costs are actual. What amount of (1) revenue or gain and (2) expense or loss will Regan Builders Co. recognize in 2020 related to the long-term contract, assuming that revenue is recognized over time? Revenue/Gain Expense/Loss $486,000 $522,000 o $5,000 $524,900 $527,000 O $648,895 $655,145