On January 1, 2019, Bryan Construction entered into a three-year contract to build a new highway in Manitoba for a total contract price of $15,000,000. The cost of the project is estimated at $12,000,000. The company uses the percentage of completion method and its year-end is December 31^st, 2020.

Year	2019	2020
Costs incurred to date on the project (cumulative)	$4,200,000	$9,000,000
Estimated remaining costs to complete, as at end of year	7,800,000	3,000,000

Required:

a) (2 marks) Compute the dollar amount of the revenue recognized at the end of 2019.

b) (2 marks) Write the journal entry to record the 2020 construction costs.

c) (2 marks) Write the entry to record progress billings of $4,000,000 for 2020.

d) (4 marks) Write the entry or entries to recognize the revenue and profit to be recognized in the 2020 year