Recording Long$-$term Construction: Recognize Revenue at a Point in Time and Over Time

Smith Construction contracted with a developer to build an apartment building with retail space for $$3,600,000.$ Information relating to this contract follows.

$\backslash$table$[[$As of December $31,$Year $1,$Year $2,$Year $3],[$Costs incurred to date,$$1,416,000,$$$2,796,000,$$$3,780,000$