1. Seasons Insaat constructs an office building under contract for the Cannon Company and uses the percentage-of-completion method. The contract requires bills of progress and $1,550,000 paid quarterly. The total contract value is $18,600,000 and Seasons estimates the total cost to be $17,750,000. Seasons estimates the building will take 3 years to complete and begins construction on January 2, 2018. As of December 31, 2019, Seasons Construction estimates that 75% of the building has been completed; however, the total cost estimate due to unexpected price increases has increased to $18,000,000.
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3. What is the total amount of Construction Expenses that the seasons will recognize for the year ended 31 December 2019?