Brief Exercise 6-36 (Algo) Long-term contract; revenue recognition; loss on entire project [LO6-9] Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $34 million. Construction costs incurred in the first year were $24 million and estimated remaining costs to complete at the end of the year were $17 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage completion? How much gross profit or loss will Franklin recognize in the first year if it instead recognizes revenue upon contract completion? Complete this question by entering your answers in the tabs below. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion? Note: Enter your answer in millions (i.e., $4,000,000 should be entered as $4 ). Brief Exercise 6-35 (Algo) Long-term contract; revenue recognition upon completion [LO6-9] A construction company entered into a fixed-price contract to build an office building for $12 million. Construction costs incurred during the first year were $4 million, and estimated costs to complete at the end of the year were $6 million. The building was completed during the second year. Construction costs incurred during the second year were $7 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 (i.e., $4 million should be entered as $4,000,000 ). Leave no cells blank - be certain to enter " 0 " wherever required. Brief Exercise 6-36 (Algo) Long-term contract; revenue recognition; loss on entire project [LO6-9] Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $34 million. Construction costs incurred in the first year were $24 million and estimated remaining costs to complete at the end of the year were $17 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion? How much gross profit or loss will Franklin recognize in the first year if it instead recognizes revenue upon contract completion? Complete this question by entering your answers in the tabs below. How much gross profit or loss will Franklin recognize in the first year if it instead recognizes revenue upon contract completion? Note: Enter your answer in millions (i.e., $4,000,000 should be entered as $4 )