Frank & Dogg Construction Corporation obtained a $12,500,000 contract during 2019. The following data pertains to the construction period:

	2019	2020	2021
Costs during the year	$ 3,500,000	$ 4,005,000	$ 4,000,000
Estimated costs to complete	$ 8,500,000	$ 4,600,000	$ 1,200,000
Billings	$ 6,250,000	$0	$0

Frank & Dogg uses the percentage of completion method. Costs incurred relative to the total project costs are used to measure the percentage of completion at the end of the year.

Required:

a) For the years 2019, 2020 and 2021 calculate the following:

 

Revenue realized

Costs realized

Profit or loss realized

b) How will the project be presented in 2019 on Frank & Dogg's Statement of Financial Position (asset or liability and for what amount).