It has been suggested that singing releases stress and Karaoke is a perfect cure to all the pent-up emotions. Due to an increased number of stern students crying during Accounting exams, Firm Y was hired to construct a Karaoke room in KMEC. Information related to this contract can be found on Firm Y's income statements at the end of 2020: Required: 1.15 points 1.28 points 1.32 points What was the Total Initial Estimated Cost on this contract? In 2021, Firm Y incurred an additional $4,000 in construction cost. Firm Y also revised its total estimated cost on this contract to be $6,000 higher. What are Contruction Revenue, Construction Expense and Net Income for 2021? Explain why POC revenue is often regarded as "soft" revenue