please calculate the total revenue recognized, total expenses recognized, and total gross profit recognized in each year

Problem 2 On February 1, 2017, Tanks A Lot obtained a contract to build a large municipal aquarium. The aquarium was to be built at a total cost of $5,400,000 and was scheduled for completion by September 1, 2019. One clause of the contract stated that Tanks A Lot was to deduct $15,000 from the $6,600,000 billing price for each week that completion was delayed. Completion was delayed 6 weeks, which resulting in a $90,000 penalty. Tanks A Lot uses the percentage of completion method to account for revenue. Below are the data pertaining to the construction period: mum-xm. Costs incurred durin ear Estimated costs to com lete D "Dress billins to date Cash Collected to date Calculate the total revenue recognized, total expenses recognized, and total gross profit recognized in each year. Hints: For revenue: calculate the percentage complete the project is each year based 1 estimated costs for the on the costs incurred to date in comparison to tota project and apply it to total revenue for the project For gross profit: calculate the total estimated gross profit for the project each year and apply the percentage complete For years 2018 and 2019: consider what was recorded before 67