Question $2(25$ marks$)$

Buildings Ltd$.$ is constructing a residential building in downtown Vancouver for a contract price of $$15,000,000.$ Costs for this contract were initially estimated to be $$12,000,000.$ The company uses the percentage of completion method for revenue recognition and cost$-$to$-$cost method to estimate the percentage of completion. The following information is available:

$\backslash$table$[[,$Year $1,$Year $2,$Year $3],[$Costs incurred each year,$$4,500,$$$8,500,$$$2,000$