1) Indiana Co. began a construction project in 2021 with a contract price of $150 million to be received when the project is completed in 2023. During 2021, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. In 2022, Indiana incurred additional costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Required: Compute the % complete along with the revenue and gross profit to be recognized in 2021 and 2022 using the percentage of completion method. 2021 2022 CONTRACT AMOUNT 150 150 COST TO DATE 94.5 EST TO COMPLETE 405 TOTAL EST COSTS 135 % COMPLETE 70 70 x 150 = 105 REVENUE COSTS GROSS PROFIT