Brief Exercise 6-35 (Algo) Long-term contract; revenue recognition upon completion [LO6-9] A construction company entered Into a fixed-price contract to bulld an office bullding for $40 million. Construction costs incurred during the first year were $14 million, and estimated costs to complete at the end of the year were $21 million. The burlding was completed during the second year. Construction costs incurred during the second year were $22 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? Note: Enter your answers In whole dollars and not In millions (l.e., $4 million should be entered as $4,000,000 ). Leave no cells blank - be certaln to enter "O" wherever required