Screw Lооse Budget Builders received а cоntrаct to build а manufacturing facility for $12 million. The total cost to build can be reasonably estimated at $5.5 million, thus the firm uses the percentage of completion method. The actual costs incurred during each year of construction are as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Costs incurred $ 2,750,000 $ 1,100,000 $ 550,000 $ 400,000 $ 700,000 How much revenue will the firm record in year 3?
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