10. The Balance Sheet of CPM Construction Company as of 31 December 2013 is given in Table P4.3. Assume that this company is using the POC method of income recognition. Further, assume that 65% of the projects with total bid price of S850,000 have been completed in 2014 (a) Journalize the following transactions. Identify each transaction as asset, liability, revenue, expense, and so forth (Table P4.4). (b) Establish relevant accounts for posting. Divide them into categories as Assets, Liabilities, and Net Worth. (c) Close accounts as of 31 December 2014. (d) Develop the Income Statement for the year 2014. (e) Develop the Balance Sheet as of 31 December 20X4