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During 20x5, the Ibti Construction Company obtained a $15 million contract to build a bridge. The costs incurred, estimated costs to complete and the billings made on the contract for the period 20x5 20x6 are as follows: 20x5 20x6 $3,000,000 $5,000,000 Costs incurred during the year Expected costs to complete Billings 9,000,000 6,000,000 7,500,000 Ibti uses the percentage of completion method. Costs incurred relative to total project costs are used to measure the percentage of completion at the end of the year. Required For each of the years 20x5 and 20x6, calculate the following: revenues realized, costs realized, profit or loss realized, and the amount recognized for the project on Ibti's Statement of Financial Position at the end of each year