On February 1, 2012, Blueprint Contractors agreed to construct a building at a contract price of S4,500,000. Blueprint estimated the project would be finished in 2014. Blueprint uses the percentage of completion method to account for the project. Information relating to the costs and billings for this contract is as follows: 6. 2012 2013 2014 Costs incurred in the year Estimated costs to complete Customer billings in the year Collections in the year $1,500,000 2,500,000 2,200,000 2,000,000 $1,250,000 S1,500,000 1,700,000 1,000,000 1,000,000 1,300,000 1,500,000 How much revenue and expense should Blueprint recognize in 2012, 2013, and 2014 respectively? (Use extra page if you need more space.) a