Maya Co. which is a publicly traded company started to build a 30-story Condo building in May 2018. The project will take 5 years to finish, and the total contract price is $80,000,000. The following table provides information about the cost and revenue of the contract. 2018 2019 2020 2021 Costs incurred $15,400,000 $14,000,000 $29,000,000 $10,000,000 2022 4,000,000 during the year Estimated costs 45,000,000 $38,500,000 $22,000,000 8,000,000 0 to complete the project Billings 15,000,000 $16,000,000 $20,000,000 $19,000,000 10,000,000 Required- 1) Assume the company uses the percentage of completion method based on input, calculate and record the revenue and profit for each year. 2) Determine how this contract will be presented in the balance sheets of 2019.