On January 1, 20x7, Murphy Construction Company entered into a 4-year service contract for the total price of $3,600,000. You have the following information for the first two years of the contract: Costs incurred during the year Estimated costs to complete 20x7 $960,000 2,240,000 20x8 $910,000 1,530,000 What is the revenue and profit or loss that will be realized on this contract in 20x8? On January 1, 20x7, Murphy Construction Company entered into a 4-year service contract for the total price of $3,600,000. You have the following information for the first two years of the contract: Costs incurred during the year Estimated costs to complete 20x7 $960,000 2,240,000 20x8 $910,000 1,530,000 What is the revenue and profit or loss that will be realized on this contract in 20x8