4. Revenue Recognition (25%) Diamond Construction agreed to construct an executive apartment building at a price of $30,000,000. Diamond Construction used percentage-of-completion method to recognize revenue. The information relating to the costs and billings for this contract each year is shown below. 2019 2020 2021 Cost to current year 7.150.000 15.445.000 24.345.000 Estimated costs to be 17.000.000 9.200.000 0 complete Customers billings to current 7.500.000 20.000.000 30.000.000 Collection of billings 4.400.000 17.000.000 26.500.000 Instructions: a. Calculate the amount of gross profit to be recognized by Citra Plaza Construction. b. Prepare the necessary summary journal entries for each of the three years to account for construction costs, construction revenue, contract billings, and cash collections, and to close the construction accounts in 2021. c. Prepare income statement for 2019, 2020, and 2021