Nabali & Fares has a contract to build a Hostel for BZU for a total sales price of $16 million. This Hostel will take an estimated four years to build. Considerable uncertainty surrounds total building costs and the outcome cannot be reliably measured, but it is probable that the costs up to the agreed upon price will be recovered. Assuming the following expenditures, how much revenue, expense (cost of construction), and income would the company recognize each year under IFRS and under US GAAP? During Year 1, expenses were $4 million. During Year 2, spent additional $3 million. During Year 2, spent additional $4 million. During Year 2, spent additional $2 million. 3 At the end of Year 4, the contract is complete. Nabali & Fares has a contract to build a Hostel for BZU for a total sales price of $16 million. This Hostel will take an estimated four years to build. Considerable uncertainty surrounds total building costs and the outcome cannot be reliably measured, but it is probable that the costs up to the agreed upon price will be recovered. Assuming the following expenditures, how much revenue, expense (cost of construction), and income would the company recognize each year under IFRS and under US GAAP? During Year 1, expenses were $4 million. During Year 2, spent additional $3 million. During Year 2, spent additional $4 million. During Year 2, spent additional $2 million. 3 At the end of Year 4, the contract is complete