Please be as detailed as possible in explaining each step.

On July 1, 2016, Jemez Company entered into a contract to build an apartment building. It is estimated that the building will take 3 years to complete. The contract price was $7, 800,000. The following information pertains to the construction period. Same information as in problem 7 expect that the estimated cost to completed at the end of 2017 was $3, 840,000 instead of $ 1, 740,000 compute the amount of revenue and gross profit to be recognized in 2017, assuming the percentage-of-completion is used