On February $1,2017,$ Tanks A Lot obtained a contract to build a large municipal aquarium. The aquarium was to be built at a total cost of $$5,400,000$ and was scheduled for completion by September $1,2019.$ One clause of the contract stated that Tanks A Lot was to deduct $$10,000$ from the $$6,600,000$ billing price for each week that completion was delayed. Completion was delayed $6$ weeks, resulting in a $$60,000$ penalty. Tanks A Lot uses the percentage of completion method to account for revenue. Below are the data pertaining to the construction period:

$201720182019$

Costs incurred during year $1,744,0001,896,0002,010,000$

Estimated costs to complete $3,706,0001,960,0000$

Progress billings to date $1,200,0003,100,0006,540,000$

Cash collected to date $1,000,0002,800,0006,540,000$

Calculate the total revenue recognized, total expenses recognized, and total gross profit recognized in each year.

Hints:

$$ For revenue: calculate the percentage complete the project is each year based on the costs incurred to date in comparison to total estimated costs for the project and apply it to total revenue for the project

$$ For gross profit: subtract the current year costs from the current year revenue

$$ For years $2018$ and $2019$: consider what was recorded before