3. (Recognition of Profit on Long-Term Contracts) During 2017 AFCO started a construction job with a contract price of $2,500,000. The job was completed in 2019 . The following information is available. Instructions: a. Compute the amount of gross profit to be recognized each year assuming the percentage-ofcompletion method is used. b. Prepare all necessary journal entries for 2018 . c. Compute the amount of gross profit to be recognized each year, assuming the completedcontract method is used