SMU Construction entered into a contract to construct a generator station for a utility customer. The project was started in 2023 and completed in 2024. The total contract price is $900,000. Cost and other information is presented below. 2023 2024 Costs incurred during the year $225,000 $550,000 Estimated further costs to complete 450,000 -0- Billings during the year 200,000 700,000 Cash collections during the year 150,000 750,000 Required: 1) Assuming that costs incurred provide an appropriate measure of contract progress, how much revenue should SMU Construction recognize in year 1? (6 marks) 2) How much profit should SMU Construction recognize in year 1? (6 marks) 3) How much revenue should SMU Construction recognize in year 2? (6 marks) 4) How much profit should SMU Construction recognize in year 2? (6 marks)