Diamond Construction which has a calendar year end, has entered into a non-cancellable fixed priced contract of $4,200,000 beginning May 1, 2019 to build a road for a municipality. It has been estimated that the road will be complete by April 2021. The following data pertains to the construction period:

Costs during the year

2019: 1850000. 2020: 1700000. 2021:500000

Estimated costs to complete

2019: 2050000. 2020: 700000

Assuming the company uses the percentage of completion method based on input, calculate and record the revenue

and profit for each year (i.e. prepare only the annual journal entry reporting the revenue / profit for the year).