Beng Seng Construction Pte Ltd, with a December accounting year-end, entered into a contract in March 2022 to build a flyover for the government. The project is expected to be completed in April 2023. The contract price is $2 million and the other data pertaining to the project during the construction period are as follows: Cost incurred during the year Estimated additional costs to complete Billings during the year Cash collections during the year Required: 2022 $1,200,000 400,000 800,000 600,000 (a) For EACH of the years ended 2022 and 2023, calculate the following (1) percentage of completion to-date; (ii) revenue recognized for the year; 2023 $440,000 1,200,000 1,400,000