Jamestown Inc. enters into a $1,200,000 contract for the purchase of customized manufacturing equipment with Bennington Inc. The construction of the equipment is expected to take three years. Bennington will bill Jamestown monthly for performance completed to date. Bennington expects that the total costs to fulfill the contract are $950,000. Assume all conditions necessary to recognize revenue over time are met. After year-one, Bennington Inc. has incurred costs of $120,000. Bennington Inc. has billed Jamestown $150,000 in total for year 1. Jamestown has paid $135,000 to Bennington Inc in Year 1. After year-two, Bennington Inc. has incurred total costs of $600,000. Bennington Inc. has billed Jamestown $725,000 in total. Jamestown has paid $135,000 in total. Use this information to answer the next 2 questions. What is the amount of revenue that Bennington Inc. should recognize for year 1? 142,849 135,000 120,000 151,579 150,000 What is the amount of revenue that Bennington Inc. should recognize for year 2? 725,000 757,895 800,000 600,000 606,316