3. Grover and Callaway Construction company had the following information: 2017 2018 2019 Construction costs incurred during the year $100,000 186,000 314,000 Estimated costs to complete the contract 400,000 264,000 --- Partial Billings to customer 80,000 350,000 270,000 Collections from customer 50,000 330,000 320,000 Total contract price $700,000 1. Determine the gross profit to be recognized in each year using the percentage of completion method of revenue recognition. 2. Make necessary journal entries for all the three years assuming (1) Percentage-of-completion method was used and (2) Completed-contract method was used. Please note that the IFRS does not recognize the completed contract method of revenue recognition. IFRS recognizes revenue to the extent of cost incurred (zero-profit method)