A long$-$term construction project was started in Year $1$ and completed in Year $2.$ Revenue is recognized over time according to percentage$-$of$-$completion. Data for the project are summarized below: Contract price: $\backslash$$$650,000$ a$.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in Year $1.$ Enter a loss in parentheses $(),$ enter numbers with no dollar signs or commas. Type calculations in the blank provided. Year $1$ Revenue recognized $\backslash$$ Calculations Year $1$ Gross profit $($loss$)\backslash (\backslash$$ $\backslash )$ b$.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in Year $2$ and prepare the journal entry to record the recognition of revenue and gross profit $($loss$)$ for Year $2.$ Assume all other journal entries $($costs incurred, billings, collections$)$ have already been completed. For each line of the journal entry, type dr or cr in the first blank, account title in the second blank, and dollar amount in the third blank. Revenue and gross profit $($loss$)$ recognized in Year $2$: