2. Calvin Construction uses the percentage-of-completion method of accounting. During 2017, Calvin Construction started work on a $,1,600,000 construction contract, which it plans to complete in 2019. The following information was taken from Calvin 2017 $396,000 2018 2019 $1,080,000 Cost incurred to date Estimated costs to 594,000 $806,600 283,400 892,000 lete to date 301,000 1,600,000 1,427,000 Collection to date 268.000 816,000 Prepare the journal entries to record revenue, expense and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/17 using the a. b. Prepare the December 31, 2017 balance sheet disclosure of construction in process and related buildings. Be sure to indicate whether the mount is an asset or a liability Prepare the journal entries to record revenue, expenses and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/18 using the C. d. Prepare the journal entries to record revenue, expenses and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/19 using the percentage-of-completion method Compute the amount of gross profit to be recognized each year, assuming Calvin Construction uses the completed-contract method 2017 2018 2019 Gross Profit