5) Craft Construction entered into a contract to construct a generator station for a utility customer. The contract price is $900,000. The project was started in 2019 and completed in 2020. Assume Craft uses the percentage-of-completion method for revenue recognition. Cost information is presented below. and other 2019 $225,000 450,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the yr 150,000 750,000 550,000 200,000 00 700,000 Required Compute the amount of revenue and g ross profit for 2019. (10 points) Revenue: $ Gross profit: $