Question: Blossom Construction entered into a contract to construct a bridge for a contract price of $2.40 million. Construction began in 2019 and was completed in

 Blossom Construction entered into a contract to construct a bridge for

Blossom Construction entered into a contract to construct a bridge for a contract price of $2.40 million. Construction began in 2019 and was completed in 202 1. Below are the details of the transactions related to the contract: 201? 2020 2021 Costs incurred during the year $623,000 $306,000 $675,900 Estimated costs to complete 1.371000 571,000 0 Calculate the revenue. expenses and gross prot to he recognized each year using the percentage-of-completion method. {Round the percentage completion to 2 decimal places, e3. 52. 25% and other answers to 0 decimal places, e3. 1.525.] 2019 2020 2021 Revenue $ I $ I $ I Expenses I I I Gross Prot $ I $ I $

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