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CoursHeroTranscribedText: 1O polnts eBook Ili References Blanchard Construction Company entered into a longterm construction contract with the government to build a special landing strip at an Air Force base in Saint Hubert, Quebec. The project took three years and cost the government $13.4 million. Blanchard spent the following amounts each year: 201?, $214 million; 2018, $5.14 million; and 2019, $2.22 million. The company uses the percentage of completion method. Cost estimates equalled actual costs. Required: 1. Determine the amount of prot that Blanchard can report each year for this project. Ignore income taxes. {Enter your answers in dollars not in millions.) -__ 2. Assume that the costs of this project could not be estimated reliably. What amount of prot should the company recognize in each of the three years? {Do not round intermediate calculations. Round the nal answers to the nearest whole dollar. Enter your answers in dollars not in millions.) _-_