1. Percentage of Completion On 1/1/2020, Firm Ybegan construction work of a karaoke room at KMEC student lounge under a three-year-contract. The contract price was $30,000. Firm Yuses the percentage-of-completion method based on costs incurred for financial reporting. Selected information related to this contract can be found on Firm Y's financial statements at the end of 2020: Income Statement Construction Revenue $6,000 Construction Expense $4,000 Net Income on the uncompleted contract $2,000 Firm Y billed their customer $15,000 in 2020. 2 points 2 points 2 points 1.1 What was Construction-in-progress at the end of fiscal 2020? 1.2 What was the Total Initial Est ed Cost on contract (in 2020)? 1.3 What was the journal entry at the end of fiscal 2020? In 2021, Firm Yincurred an additional $5,000 in building the room. Due to significant delays caused by Covid, the firm also revised their total estimated cost higher by $5,000. Billings for year 2 was $10,000. 2 points 2 points 2 points 1.4 What was the reported revenue for 2021? 1.5 What was net income for 2021? 1.6 What was the line item and amount reported on the balance sheet as at 12/31/2021 for this uncompleted contract? In 2022, in order to complete the project, Firm Yincurred another $15,000 in building the room. The remainder amount of the contract price was billed. 2 points 1.7 What was net income for 2022