take/questions/74904855 Use the following information to answer Questions 17 - 24 At the beginning of 2018. Kano Co. received a contract to build an office building for $10 million. The project is estimated to take four years to complete. According to the contract, Kano Co. will bill the buyer in installments over the construction period according to a prearranged schedule. Revenue is recognized over time. Information related to the contract is as follows: 2018 2019 2020 2021 Actual costs incurred during the year $2.700,000 $1,700,000 $2,200,000 $2.000,00 4,800,000 Estimated remaining costs 3,600,000 1,650,000 0 Billings made during the year 3,800.000 1.200,000 3,200,000 1,800,000 4.000.000 1,100,000 Cash collections during the year 3,400,000 1,500,000 On the balance sheet, the CIP account is offset against the "billings on construction contract" account. At the end of 2019, the balance sheet presentation of the two accounts is: CIP Billings, shown as an asset. CIP > Billings, shown as a liability. What is the amount of gross profit recognized for the year of 2020? O 2,500,000 O 1,400,000 O 200,000 O 300,000 What is the amount of revenue recognized for the year of 2019? O 1,900,000 5,500,000 O 3,600,000 O 4,700,000 What is the balance of "construction in progress (CIP)" at the end of 2020? O 7,900,000 O 8,000,000 6,600,000 O 5,800,000 What is the amount of revenue recognized for the year of 2020? 2,500,000 O 8,000,000 1,900,000 O 5,500,000