The University signed a construction contract with a builder in 2022 to construct a new student housing building. The contract is fixed price with a total contract value of $15 million and estimat total costs of $9 million with a 3-year estimated construction period. Assuming the builder uses t cost-to-cost method of revenue recognition for multi-year contracts, how much revenue would th builder recognize in year 1 if the total costs incurred in year 1 were $1.5 million? Using the same information provided in Question 44 , how much gross profit would the builder re in year 1