Need help with BE5-34. Please show work thank you :)

wme bald 105-9 Refer to the situation described in BE 531. Assume that the building was completed during the second year, and construction costs incurred during the second year were $10 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion? BE5-33 Long-term contract: revenue recognition upon completion 205-9 BE 5-34 Long-term Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $30 million. Construction costs incurred in the first year were $16 million and estimated remaining costs to complete at the end of the year were $17 million. How much gross profit or loss will Franklin recognize in the first year if it rec- ognizes revenue over time according to percentage of completion? What if instead Franklin recognizes revenue upon contract completion? contract, revenue recognition; loss on entire project L05-9 Exercises E5-1 FASB codification research L05-1, L05-2, L05-3 connect Access the FASB's Accounting Standards Codification at the FASB website (www.asb.org). Required: Determine the specific citation for accounting for each of the following items: 1. What are the five key steps to applying the revenue recognition principle? 2. What are indicators that control has passed from the seller to the buyer, such that it is appropriate to recognize revenue at a point in time? inircumstances can sellers recognize revenue over time? An all-day adult lift ticket can be pur- onu day during CODE