1. During 2021, the Boulder Company began construction of an apartment building for ABC Leasing. The contract price is $180,000 and the apartments will take 15 months to construct. The table below summarizes costs incurred, estimated costs to complete, amounts billed to ABC Leasing and progress payments received: 2021 2022 2023 Actual costs incurred during the year $40,000 $100,000 $47.000 Actual costs incurred in prior years 40,000 140.000 Cumulative actual costs to date 40,000 140,000 187.000 Estimated costs to complete at end of year 120,000 45,000 Total costs (actual + estimated) $160,000 $185,000 $187.000 0 0 Amounts billed to customer this year Cash collections this year $25,000 $15,000 $90,000 $70,000 $65,000 $95,000 Contract Price $180,000 Requirements: Assume the contract qualifies for recognizing revenue over time (percentage of completion method) 1. Prepare a table to determine the amount of construction revenue, construction costs, and gross profit/loss to be recognized in each of the three years. Round the percentage complete to 2 decimal places. 2. Prepare the necessary journal entries for each of the three years to account for construction costs, construction revenues, contract billings, and cash collections. Also close the construction accounts in 2023. 3. Prepare a partial balance sheet for 2021