On January 1, 20X1, a contractor began work on a $3.2 million construction contract that is expected to be completed in 3 years. The contractor concludes that it is appropriate to recognize revenue over time using the input method based on costs incurred (cost-to-cost method). At the inception date, the estimated cost of construction was $2.4 million. The following data relate to the actual and expected construction costs:

Costs incurred

20X1 $720,000

20X2 $1,170,000

20X3 $1,110,000

Expectedfuturecosts

20X1 $1,680,000

20X2 $810,000

20X3 $0

For this long-term construction contract, the contractor needs to calculate the estimated dollar values of the revenue and gross profit (loss) to be recognized each year.

Complete the contractor's long-term construction contract using the information above. Enter the appropriate amounts in the associated cells. Indicate losses by using a leading minus (-) sign. Round all amounts to the nearest dollar. If no entry is necessary, enter a zero (0)

Revenue Gross profit (loss)

20X1

20X2

20X3