Digital is a builder of large digital networks. In the midst of the high-tech euphoria, the company bid and won a $48,000,000 contract to build a network for the country of Elbonia. Details on the project over the last three years are as follows: (Click the icon to review the project data) Requirement Compute the amount of revenue, cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years. The company uses the percentage of completion method to account for long-term contracts. Record your answer in the following table. Requirement. Compute the amount of revenue, cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years. The company uses the percentage of completion method to account for long-term contracts. Record your answer in the following table. (Complete all input cels. Enter all amounts in thousands. Use parentheses or a minus sign to enter a gross loss.) Year 1 Year 2 Year 3 in 5000's Revenue COGS Expected loss (recovery) = Gross profit (loss) 13.200 (14,400) Total 48.000 54,000 0 (6,000) Data table in $000's) Year 1 Cumulative costs incurred $ Additional costs to complete estimated at year-end Amounts invoiced to client in each year 13,200 $ 52,800 9.200 Year 2 26,400 $ 21.600 17,400 Year 3 54.000 O 25.000 Cash collected 6,200 16,400 25.400 - X