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Boatright Ship Builders contracted with a customer to build a cruise line ship for $2,500,000. The project began in 2015 and was completed in 2017.

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Boatright Ship Builders contracted with a customer to build a cruise line ship for $2,500,000. The project began in 2015 and was completed in 2017. Cost and other data are presented below 6) 2017 $ 500,000 2015 2016 $ 1,100,000 $ 1,050,000 $ 750,000 $ $ 450,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $857,500 $ 857,500 $ 785,000 $ 800,000 $ 800,000 $ 900,000 Assume that Boatright recognizes revenue on this contract over time according to percentage of a.) Calculate the amount of revenue to be recognized in 2015, 2016, and 2017.(6 points]

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