1. Sunshine Construction Company, Inc., entered into a fixed-price contract with Beta Associates on Jan 1, 2007, to construct a four-story office building. At that time, Curtiss estimated that it would take four years to complete the project. The total contract price for construction of the building is $4,000,000. Suns contract method in its financial statements. The building was completed on actual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Beta under the contract were as follows: hine appropriately accounts for this contract under the completed December 31, 2010. 2007 2008 2009 Construction Cost incurred during the year 350,000 Estimated Costs to complete at the end of year Billings made during the year Cash collections during the year 220,000 2,230,000 ,000,000 3,150,000 3.230,000 1,400,000 0 1,500,000,500,000 500,000 500,000 1,800,000 1,000,000 1,000,000 200,000 Required (1). Prepare schedules to compute gross profit or loss to be recognized as a result of this contract for cach of the four years under "percentage-of-completion method" and"Completed contract me (2) Prepare the necessary Journal entries for 2007- 2010 under "percentage-of-completion method". (3) What should the balances in 2007,2008 and 2009 be listed in the "Balance Sheet" if using percentage-of-completion method