El Paso Construction entered into a contract to construct a bridge for a fixed price of $12,000,000. The company recognizes revenue over time according to percentage of completion. Here are some facts: Cost incurred Estimated Additional Cost to Complete 2018 3,000,000 6,000,000 2019 5,000,000 2,000,000 2020 2,500,000 0 1. What is the percentage of completion in 2018? a. 25% b. 33.3% 37.5% d. 100% C. 2. What is the percentage of completion in 2019? a. 50% b. 66.7% C. 80% d. 88.9% 3. How much revenue would the company recognize in 2019? a. $5,000,000 b. $5,600,000 c. $8,000,000 d. $9,600,000