7 8 1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year. (10 points) Hint: I suggest you use formulas with an IF function regarding the gross profit section of your speadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss. 2-Using the data given and the solutions your spreadsheet generated, prepare all journal entries for 2020. Whevenver possible, the amounts for your journal entries should be formulas that reference the appropriate cells in the calcuations below. (10 points) 15 3-Once you have completed the spreadsheet save your file with your last name(s) and first name(s) and upload it under Assignments by the assignment due date. Data: 19 21 Contract price 1,200,000 2021 $785,000 24 Costs incurred to date 25 Estimated costs yet to be incurre 26 Customer billings to date 27 Collections of billings to date 2019 $280,000 520,000 250,000 120,000 2020 $600,000 200,000 500,000 320,000 1,200,000 1,040,000 29 Hint: You have to figure out the actual cost, billings, and collections for each respective year. The information 30 presented is to date not "Costs expended this year" as in the handouts and some of your assigned exercises problems. 34 Use the format provided below to input formulas for each respective year. 2019 2020 2021 37 Costs expended to date 38 Estimated total costs 39 % complete 42 41 Contract price % complete 43 Revenue recognized to date 44 Revenue recognized prior 45 Revenue recognized current