ACC 202 Intermediate Accounting-2 Assignment -5 Question: Dubai Construction Company contracted to build a bridge for $8,000,000. Construction began in 2015 and was completed in 2016. Data relating to the construction are: 2015 2016 Costs incurred during the year $2,640,000 $2,200,000 Estimated costs to complete 2,160,000 Dubai Construction Company uses the percentage-of-completion method. Instructions (a) How much revenue should be reported for 2015? Show your computation. (b) Make the entry to record progress billings of $3,300,000 during 2015. (c) Make the entry to record the revenue and gross profit for 2015. (d) How much gross profit should be reported for 2016? Show your computation. (e) For what reasons should the percentage -of -completion method be used over the cost-recovery method whenever possible