XYZ Resources is investing in a new heavy oil upgrader in northern ONTARIO.XYZ has hired ABC to construct the facilities. The contract price is $3,600 million to be completed over four years. The following information pertains to this construction contract year 1 year 2 year 3 year4 Cumulative costs incurred to date 480 1250 2660 3750 Estimated additional cost 2520 1880 1140 0 Billings on construction 500 850 1000 1100 Cash collected In the year 450 850 1020 1250 Compute the amount of revenue and expense to be recognized in the accounts of ABC Contractors in each of the four years YEAR 1 YEAR 2 YEAR3 YEAR 4 Revenuecurrent year Cumulative expenses Expense previously recognized Current-year expense without loss Additional expenses for expected loss