Cullumber Construction is constructing an office building under contract for Cannon Company and uses the percentage-ofcompletion method. The contract calls for progress billings and payments of $1600000 each quarter. The total contract price is $19200000 and Cullumber estimates total costs of $17800000. Cullumber estimates that the building will take 3 year to complete, and commences construction on January 2, 2021. At December 31, 2022, Cullumber Construction estimates that it is 75% complete with the bullding; however, the estimate of total costs to be incurred has risen to $18050000 due to unanticipated price increases. Cullumber Construction completes the remaining 25% of the building construction on December 31,2023, as scheduled. At that time the total costs of construction are $18800000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Cullumber will recognize for the year ended December 31,2023 ? $4800000 4700000 $4800000 $ 5262500 $19200000$18800000 $4700000 $