Advanced Net is a builder of large digital networks. In the midst of the high-tech euphoria, the company bid and won a $48,000,000 contract to build a network for the country of Elbonia. Details on the project over the last three years are as follows (Click the icon to review the project data.) Requirement Compute the amount of revenue, cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years. The company uses the percentage of completion method to account for long-term contracts. Record your answer in the following table. Requirement. Compute the amount of revenue cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years The company uses the percentage of completion method to account for long-term contracts Record your answer in the following table (Complete all input cells. Enter all amounts in thousands. Use parentheses or a minus sign to enter a gross loss) (in S000's) Revenue Year 1 Year 2 -COGS 8.850 - Expected loss (recovery) (9,350) Gross profit (loss) Year 3 Total: 48.000 52,000 Data table - X (4,000) (in $000's) Year 1 Year 2 Year 3 Cumulative costs incurred 8,850 $ 31,200 $ 52,000 Additional costs to complete estimated at year-end 50,150 16,800 0 Amounts invoiced to client in each year 5,850 21,200 23,000 Cash collected 2,850 20,700 24,450 Print Done