The company signed an $880,000 contract to build an environmentally friendly access trail to South Willow Lake. The project was expected to take approximately three years. The following information was collected for each year of the project-Year 1, Year 2, and Year 3:

The company uses the percentage-of-completion method of computing revenue from long-term construction contracts. Assume that the company employs the cost-to-cost method of estimating the percentage of completion. Compute the amount of revenue to be recognized in
(1) Year 1,
(2) Year 2,
(3) Year 3.

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Cost Trail Feet Constructed Cost to Completion Timbers Laid during the Yea Timbers to Be Laid Trail Feet to Be Constructed the Year the Year Year 1 Year 2 Year 3 $100,000 150,000 250,000 $450,000 150 300 500 3,000 7,500 8,000 15,200 8,200 0 280,000 520 0