a construction company entered into a fixed-price contract to build an office buithe following transactions occurred during march 2024 for the right corporation. the company operates a wholesale warehouse. issued 52,000 shares of no-par common stock in exchange for $520,000 in cash. purchased equipment at a cost of $84,000. cash of $21,000 was paid and a note payable to the seller was signed for the balance owed. purchased inventory on account at a cost of $158,000. the company uses the perpetual inventory system. credit sales for the month totaled $230,000. the cost of the goods sold was $138,000. paid $7,000 in rent on the warehouse building for the month of march. paid $7,450 to an insurance company for fire and liability insurance for a one-year period beginning april 1, 2024. paid $138,000 on account for the inventory purchased in transaction 3. collected $103,500 from customers on account. recorded depreciation expense of $2,100 for the month on the equipment.ding for $24 million. construction costs incurred during the first year were $7 million, and estimated costs to complete at the end of the year were $13 million. the building was completed during the second year. construction costs incurred during the second year were $14 million. how much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon