2. Pop Industries hired the 21st Century Design Company to develop customized project 12 marks management software for Pop's construction clients The software development project is expected to take 3 yearsto complete. Information relating to the costs and billings for this contract follows Contract price Total estimated construction cost at contract inception $ $ 3,252,000 2,276,000 2023 2,298,760 Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 2021 2022 $ 594,032 $ 1,390,524 $ $ 1,681,9685 885,476 $ $ 813,000 $ 1,626,000 $ $ 609,800 $ 1,219,500 $ 3,252,000 2,439,000 Assume that 21st Century Design uses the percentage of completion method to account for its software development projects. Required: 1. Cakulate 21st Century Design's gross profit for all years of the project. (6 marks) 2. Prepare 21st Century Design's journal entries for the 2023 year. (5 marks 3. Determine the revenue to be recognized by 21st Century Design for 2021, 2022, and 2023, assuming the zero-profit method is used (1 mark)