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A2 Flames inc. began work off a 50, VOU UVV [off- Lolltellavis t A B C D E G H Question 1 (16 marks) Flames Inc. began work on a $6,000,000 non-cancellable contract in 2020 to construct a retail building. It has been estimated that the building will cost $2,500,000 and will take three years to construct 3 2020 2021 2022 Costs incurred to date 1,500,000 2,000,000 $ 2,600,000 5 Estimated costs to complete 1,000,000 500,000 -0- 6 Billings to date (non-refundable) 1.400,000 4,200,000 6,000,000 7 Collections to date 1,000,000 3,750,000 6,000,000 8 9 Required: a) Calculate the amount of revenue and gross profit to be recognized each year, assuming the percentage of- 10 completion method is used. (12 marks) 11 12 2020 2021 2022 13 14 15