Concorde Construction Corp. (CCC) entered into a $4 milion contract to construct an apartment building Management determined that the contract represents a single performance obligation satisfied over time. CCC started work on the project in 20X5 and completed work in 20x7. CCC uses the cost-to-cost approach to determine the stage of completion, and its year end is December 31 20XS 20X6 20x7 Actual costs for the year $300,000 $2,200,000 $1,550,000 Cumulative costs incurred $300,000 $2,500,000 $4,050,000 Estimated costs to complete $3,200,000 $1,600,000 $0 Amount billed during the year $290,000 $2,700,000 $1,010,000 Payments received during the year $280,000 $2,520,000 $1.200.000 This revised cost data was not known in 20x5. * This revised cost data was not known in 20X6. PUT YOUR ANSWER IN THE BOX FOLLOWING THE QUESTION FOR ALL CALCULATIONS - ROUND THE PERCENTAGE OF COMPLETION TO ONE SIGNIFICANT DECIMAL PLACE .g. 10.4% * DO NOT INCLUDE A $ SIGN IN YOUR ANSWER - ROUND YOUR ANSWER TO THE NEAREST THOUSAND DOLLARS e.g. 252,000 What is the amount of revenue that will be recognized in 20X57 $