Seasons Constructions is constructing an office building under contract for canon co & uses the % of completion method. The contract calls for progress billing and payments of $1,550,000 each quarter. Total contract price is 18,600,000 and Seasons estimates costs of $17,750,000.Seasons estimates that the building will take 3 years to complete and will begin on Jan 2, 2018.

seasons construction completes the remaining 25% of the building construction on dec 31, 2020 as scheduled. at that time cost of construction are 18750000. what is the total amount of revenue from long term contracts and construction expenses that seasons will recognize for the year ended december 31, 2020

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