Question 7(2 pts)MMC contracted to build a new football stadium for a price of $40,000,000 at the start of 2017. During 2017 they incurred total costs of $10,000,000 and during 2018 additional costs of $15,000,000. At the end of 2018, before any adjusting entries are made to recognize revenue/costs on this project for the year ended 2018, the Construction in Progress account has a debit balance of $27,500,000.How much did MMC expect to spend to finish the football stadium at the end of 2017(i.e.., estimated additional costs at the end of2017)?