4 11 points Arab Construction Company has entered a contract with University of Bahram beginning January 1, 2018, to construct medical college building, It has been estimated that the costs of the building to be $8 million and the contract price will be $12 million. It will take 3 years to construct the building. The company was percentage of completion method. If the following data pertain to the building during the construction period Costs incurred to date: Estimated costs to complete Progress billings to date Cash collected to date s Requirements: 2018 $3,000,000 2019 $6,750,000 2020 $9,000,000 4,400,000 2,250,000 4,000,000 8,000,000 12,000,000 3,000,000 6,000,000 12,000,000 Required 1 Compute the revenue and the gross profit or loss to be recognized in the years 2018, 2019 and 2020 Required 2: Prepare all necessary journal entries for the year 2019: Required 3: The effect of this contract on the balance sheet on December 31, 2019. Required 4: Assume the same data for the medical college contract except that the estimated cost in 2019 was $4,500,000 instead of $2,250,000. Compute the gross profit or loss to be recognized in 2019, and the balance of construction in process account on December 31, 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac BIUS Paragraph Anal 10pt vEvEvAv T