DunnEllis began work on a government contract at the start of 2019. The contract is to construct a small apartment complex for $5,000,000. Initial construction costs were estimated to be $4,000,000. Information during the construction period was: 2019 2020 Costs incurred this year $1,600,000 $2,550,000 Estimated cost to complete as of 12/31/19 2,400,000 -0- Billings to the government during the year 1,720,000 3,280,000 Cash collected during the year 1,500,000 3,500,000 (a) How much revenue and income on the contract would be reported for each year assuming Percentage-of-completion method? (Must show calculations):