Wildhorse Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.5 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025. The following data pertain to the construction period. 2023 2024 2025 Costs to date $645,000 $1,542,000 $2,050,000 Estimated costs to complete 1,505,000 1,028,000 0 Progress billings to date (non-refundable) 727.000 2,000,000 2,500,000 Cash collected to date 545,000 1,853,000 2,500,000 (b) Calculate the amount of revenue to be recognized in 2023 and 2024. 2023 Revenue to be recognized $ 2024 $