Practice 8-7 LO4 Cost-to-Cost Method The company signed an $880,000 contract to build an environmentally friendly access trail to South Willow Lake. The project was expected to take approximately three years. The following information was collected for each year of the project-Year 1, Year 2, and Year 3: Cost Expended During the Year Expected Additional Cost to Completion Support Timbers Trail Feet Constructed Additional Trail Feet to Be Constructed Laid during the Year Additional Support Timbers to Be Laid during the Year Year 1 Year 2 Year 3 $100,000 150,000 250,000 $450,000 280,000 150 850 $3,000. 15,200 300 520 7,500 8,200 0 500 0 8,000 0 The company uses the percentage-of-completion method of computing revenue from long-term construction contracts. Assume that the company employs the cost-to-cost method of estimating the percentage of completion. Compute the amount of revenue to be recognized in (1) Year 1, (2) Year 2, and (3) Year 3. (Note: Round percentage to three decimal places for percentage completed.)