The Company is constructing an office building under contract for a customer and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1,550,000 each quarter. The total contract price is $18,600,000 and the Company estimates total costs of $17,750,000. The Company estimates that the building will take 3 years to complete, and commences construction on January 2nd of year 1. Reference: Ref 18-1 At the end of year 2, the Company estimated the building was 75% complete based on total estimated costs of $18,000,000. The Company completes the remaining 25% of the building construction in year 3 as scheduled, however, at that time the total costs of construction were $18,750,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for year 3? Revenue Expenses $4,650,000 $5,250,000 $18,600,000 $18,750,000