SinceSince the contract does not meet the criteria for revenue recognition over time, revenue and gross profit will only be recognized at the end of the contract. The amount of revenue and gross profit to be recognized in each of the three years can be calculated as follows:2021:Revenue: $0 (no revenue is recognized until the contract is completed)Gross profit: $0 (same as above)2022:Revenue: $0 (same as above)Gross profit: $0 (same as above)2023:Revenue: $10,000,000 (the total contract price is recognized as revenue upon completion)Gross profit:Revenue - Total Cost = $10,000,000 - ($1,400,000 + $3,150,000 + $2,695,000 + $5,600,000 + $2,450,000 + $0) = $705,000Therefore, the amount of revenue and gross profit to be recognized in each of the three years are:$0 and $0 in 2021$0 and $0 in 2022$10,000,000 and $705,000 in 2023.