is it understated or overstated

Chapter 5: Revenue Recognition L05-9: Company XYZ is completing construction of an asset over a 3-year period. The contract price is $6,400,000. The contract began in 2018 and will end in 2020. 1. 2018 2019 2020 $150000 $2.5000 $120.00 Costs Incurred Est. Costs to Complete $4,500,000 Billings During the Year $1,000,000 Cash Collections $2,580,000 $2,720,000 $3,000,000 $2,000,000 S0 $2,400,000 $3,000,000 $800,000 .Calculate the amount of gross profit or loss to be recognized in 2019 Prepare journal entries for 2019 to record the transactions described (credit "various accounts" for construction costs incurred). Construct a balance sheet using only the accounts related to the construction contract for year 2019