On Jan $1,2019,$ Nesma & Partners construction company entered into a long$-$term contract with the Saudi Entertainment Ventures $($SEVEN$)$ to build a family entertainment centre in Riyadh for $$10$ million. The project is expected to be completed in $2023$ and it is estimated to cost $$8$ million. Nesma construction company uses the percentage$-$of$-$completion method $($cost to cost basis$)$ to account for the project. During the first year, the construction company incurred $$1,000,000$ in costs, while the during the second year it incurred $$1,200,000.$ During the third year, the total estimated costs increased to $$9$ million so SEVEN agreed to pay a bonus of $$500,000$ to the construction company which in turn incurred $$1,400,000$ in costs during the third year.

Requirements $($show your calculations$)$:

$1)$ How much is the revenue to be recognized in the first year, the second year and the third year in the construction company books? $2)$ How much is the profit to be recognized for the first year, the second

year and the third year in the construction company books?