On Oct. 1, 20x1, ABC Co. enters into a construction contract with a customer. The performance obligation in the contract will be satised over time. ABC Co. uses the \"costtocost\" method in measuring its progress. The estimated total contract cost is PIOM. In 20x1, ABC Co. incurred a total cost of PoM, which includes ?2M advance payment to a subcontractor |[the subcontracted work is not 1wet started]I and ?200,000 cost of materials not yet installed. ABC Co. does not regard the cost of the unused materials as signicant in relation to the expected total contract costs. Moreover, ABC Co. retains control over the unused materials because it can use them in a contract with another customer. The contract price is #20M. How much is the revenue recognized in 20x1? 7,500,000 12,000,000 8,200,000 11,600,000 F-F'F'!\