BE 633 Long-term contract; revenue recognition over time; profit recognition LO69 A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? Page 322 BE 6-34 Long-term contract; revenue recognition over time; balance sheet 2 LO69 Refer to the situation described in BE 6-33. Assume that, during the first year the company billed its customer $7 million, of which $5 million was collected before year-end. What would appear in the year-end balance sheet related to this contract? BE 6-35 Long-term contract; revenue recognition upon completion LO6-9 Refer to the situation described in BE 6-33. Assume that the building was completed during the second year, and construction costs incurred during the second year were $10 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