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On June 15, year 1, Golden Crest Construction entered into a long-term construction contract to build an airport in Washington, D.C, for $440 million. The expected completion date is April 1, year 3. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Year 3 100 Year 1 Year 2 $80 $ 160 120 Cost incurred during the year Est. Costs to Complete as of 12/31 24- How much revenue and gross profit will Golden Crest report in its year 1, year 2, and year 3 income statements related to this contract assuming Golden Crest recognizes revenue over time according to percentage of completion? How much revenue and gross profit will Golden Crest report in its year 1, year 2, and year 3 income statements related to this contract assuming this project does not qualify for revenue recognition over time? Suppose the estimated costs to complete at the end of year 2 are $160 million instead of $120 million. Determine the amount of revenue and gross profit or loss to be recognized in year 2 assuming Golden Crest recognizes revenue over time according to percentage of completion. 1. 2. 3