On February 1, 2012, Blueprint Contractors agreed to construct a building at a contract price of $4,400,000. 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: 2012 2013 2014 Costs incurred in the year $1,500,000 $1,250,000 $1,500,000 Estimated costs to complete 2,500,000 1,800,000 -0- Customer billings in the year 2,200,000 1,000,000 1,200,000 Collections in the year 2,000,000 1,000,000 1,400,000 (1) How much revenue and expense should Blueprint recognize in 2012, 2013, and 2014 respectively? Show your work below and enter your answer in the next question, Round percentage of completion to 0.1% and then calculate the subsequent numbers. (2) Provide the year-end journal entry made by Blueprint in 2013 to record revenue on the long-term contract. (3) As of December 31, 2013 after appropriate adjusting journal entry, what is the appropriate balance in the Construction in Progress account? Enter your answer to the previous question in the blanks below. Please enter whole numbers without dollar sign, thousand separator, or decimal points. 2012 Revenue 2012 Expense 2013 Revenue 2013 Expense 2014 Revenue 2015 Expense