Cullumber Construction is constructing an office building under contract for Cannon Company and uses the percentage-of- completion method. The contract calls for progress billings and payments of $1000000 each quarter. The total contract prices $12000000 and Cullumber estimates total costs of $17200000. Cullumber estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31 2022. Cullumber Construction estimates that it is 75% complete with the building however, the estimate of total costs to be incurred has risen to $17450000 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 comtruction are $18200000. What is the total amount of Revenue from Long Term Contracts and Construction Expenses that Cullumber will recognize for the year ended December 31, 20237 Revenue Expenses $3000000 5 5132500 $12000000 $18200000 $4550000 $ 4550000 $3000000 4550000