Question - Hammer Head Construction Contract 8,900,000 To be completed as part of THC 1 part 2 2022 2023 Costs incurred to date Costs to complete Total Costs % complete (to date) Contract price Revenue Rec. (to date) - Rev. Rec in Pys Revenue for CY CY Costs Gross Profit 2021 3,000,000 4,200,000 7,200,000 41.6667% 8,900,000 3,708,333 3,708,333 (3,000,000) 708,333 708,333 Hammer Head Construction (HHC) successfully bid on a contract to build a new city owned and operated recreation complex for $8,900,000. Construction commenced on July 1, 2021, with a planned completion date of December 31, 2023. A summary of the costs, billings, and collections is provided below: 2021 2022 2023 Costs incurred to date 3,000,000 5,400,000 9,200,000 Estimated costs to complete at year end 4,200,000 3,800,000 Billings during the year 2,880,000 3,200,000 2,820,000 Cash collections during the year 2,800,000 3,000,000 2,600,000 HHC uses the percentage of completion method. How much revenue and gross profit would HHC recognize in 2021? (HINT - use a table)