Page 13 AZ Contractors signed a contract on January 1, 2011, agreeing to build a warchouse for FSC at a contract price of $22,000,000. AZ estimated that construction costs would be as follows 2011 $7,000,000 2012 $8,000,000 2013 $5.000,000 $20,000,000 The contact provided that FSC would make payments on the December 31 of each year as follows 2011 $5,000,000 2012 $10,000,000 2013 $7,000,000 $22,000,000 Assuming: The contract was completed and accepted on December 31, 2013. Assume that actual costs and cash collections coincided with expectations Required: A. Calculate the income to be recognized in every year (6 marks) B. Record the journal entries to record the cost, and profit recognized for 2011.(2 marks)