2015	2016	2017
Total Contract Value	3100000	3600000	3600000
Accumulated cost to date	638000	2310000	4000000
Estimated costs to complete the project	2262000	1890000	0
Customer billings to date	800000	2200000	3600000
Cash Collected to date	600000	2200000	3600000

a) Calculate the amount of gross profit to be recognized each year using the percentage-of-completion method. Please make sure your final answer(s) are accurate to the nearest whole number.

	2015	2016	2017
Gross profit(loss) for the year

b) Prepare all the required journal entries for the year ended December 31, 2016. Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

c) Using the zero-profit method (IFRS), determine the amount of revenue and expense to report each year. Enter 0 if any amount is zero. Please make sure your final answer(s) are accurate to the nearest whole number.

	2015	2016	2017
Revenue
Expense

d) Using the completed-contract method (ASPE), determine the amount of revenue and expense to report each year. Enter 0 if any amount is zero. Please make sure your final answer(s) are accurate to the nearest whole number.

	2015	2016	2017
Revenue
Expense