1. 30 pts In 2016, the Roth Construction Company entered into a contract to construct a road for Orange County for $10,000,000. The road was completed in 2018. Information related to the contract is as follows 2016 2017 2018 S2,400,000 $3,600,000 $2,200,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,600,000 2,000,000 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 Roth recognizes revenue over time according to percentage of completion. Required 1. Calculate the amount of revenue and gross profit to be recognized in 2. Prepare all necessary journal entries for each of the years (credit 3. Prepare a partial balance sheet for 2016 and 2017 showing any items each of the three years. "various accounts" for construction costs incurred) related to the contract. Indicate whether any of the amounts shown are contract assets or contract liabilities. 4. Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information 20162017 2,400,000 $3,800,000 $3,200,000 5,600,00O 3,100,000 2018 Costs incurred during the year Estimated costs to complete as of year-end