On 1 July 2017 RoadRunner Ltd entered into a non-cancellable contract to construct a 200km long stretch of highway for their client Commuter Ltd. Details of the contract are as follows: Contract price: $20 million Anticipated construction period: 3 years, commencing 1 July 2017 All costs incurred are paid in cash by the end of each year The outcome of the contract can be reliably determined Year 1 (30 June 2018) Year 2 (30 June 2019) Year 3 (30 June 2020) Costs incurred 4,500,000 6,300,000 5,200,000 10,500,000 5,815,385 Estimated costs ta complete Billings during the year 8,000,000 7,000,000 5,000,000 6,500,000 5,000,000 Cash collected during the year 4,800,000 Kms of road completed 50km 90km 60km On the basis that revenue is determined using the proportion of costs incurred input method the revenue and profit (rounded to the nearest dollar) that will be recognised in the year ended 30 June 2019 are