show work to answer. Use chrome if can't see picture. Complete revenue reported and gross profit or loss to be recognized for 2022.

Citation Builders, Inc., builds office buildings 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. Failure to pay the full amount results in forfeiture 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 2021, Citation began construction of an office building for Altamont Corporation. The total contract price is $25 million. Costs incurred, estimated costs to complete at year-end, billings, and cash collections for the life of the contract are as follows: 2021 2022 2023 Costs incurred during the year $ 5,000,000 $11,875,000 $ 5,625,000 Estimated costs to complete as of year-end 15,000,000 5,625,000 Billings during the year 2,500,000 12,500,000 10,000,000 Cash collections during the year 2,250,000 11,150,000 11,600,000 Req 1 2A and 2B Req 2c Req 3A and 3B Req 3C Req 4A and 4B Req 4C Req 5 Req 6A Req 6B Answer the following questions assuming that 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 its 2021 and 2022 income statements? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022? (Loss amounts should be indicated with a minus sign.) Show less A 2021 2022 $ 6,250,000 Revenue reported Gross profit or loss to be recognized $ 1,250,000