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Citation Bullders, Incorporated, bullds office bulldings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 1020 homes and are typically sold during construction or soon after. To secure the home upon completion, buyers must pay a deposit of 10% of the price of the home with the remaining balance due upon completion of the house and transfer of title. Fallure to pay the full amount results in forfelture of the down payment. Occasionally, homes remain unsold for as long as three months after construction. In these situations. sales price reductions are used to promote the sale. During 2024. Citation began construction of an office bulling for Altamont Corporation. The total contract price is $24 million. Costs incurred, estimated costs to complete at year-end, billings, and cash collections for the life of the contract are as follows: Also during 2024. Citation began a development consisting of 12 identical homes. Citation estimated that each home will sell for $880,000, but individual sales prices are negotlated with buyers. Deposits were recelved for eight of the homes, three of which were completed during 2024 and paid for in full for $680.000 each by the buyers. The completed homes cost $660.000 each to construct. The construction costs incurred during 2024 for the nine uncompleted homes totaled $3,960,000. Assume the same information for 2024 and 2025 , but that as of year-end 2025 the estimated cost to complete the office building is $10,800,000. Citation recognizes revenue over time according to percentage of completion for its office building contracts. How much revenue related to this contract will Citation report in the 2025 income statement? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2025? Note: Loss amounts should be indicated with a minus sign. What will Citation report in its 2025 balance sheet related to this contract? (Ignore cash.)