2. The Municipality of Redstone hired the Thunder Construction Company to build a small urks city road. The construction project is expected to take 3 years to complete. Information relating to the costs and billings for this contract follows: Contract price Total estimated construction cost at contract inception $ $ 33,71,000 23,60,000 2023 23,83,600 Total costs incurred to date Estimated costs to complete Customer billings to date Colllections to date 2021 2022 $ 5,81,487 $ 13,81,115 $ $ 17,78,513 $ 9,78,885 $ $ 8,42,800 $ 16,85,500 $ $ 6,32,100 $ 12,64,100 $ 33,71,000 25,28,300 method to Assume that Thunder Construction uses the percentage of completi account for its construction projects. Required: 1. Calculate Thunder Construction's gross profit for all years of the project. (6 marks) 2. Prepare Thunder Construction's journal entries for the 2022 year. (5 marks) 3. Determine the revenue to be recognized by Thunder Construction for 2021, 2022, and 2023, assuming the completed contract method is used. (1 mark)