Alignment Number Style B D E Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2018 3,210,000 6,790,000 2,955,000 2,750,000 2019 3,650,000 3,140,000 4.980,000 4,050,000 2020 3,240,000 0 4,065,000 5,200,000 muda Construction Company recognizes revenue over time according to percentage of completion. uired: Answer a, b, c, d and e below Use the space below to calculate the percentage of completion for 2018, 2019 and 2020. 2018 2019 2020 Estimated percentage of completion Cost to date Estimated cost to complete Estimated total cost Percentage Complete P1 ES Type here to search 12 Font 2 Alignment Number 2 fr D E F G 2018 2019 2020 Debit Credit ecord Entries: General Journal Construction in progress Cash Materials, etc Debit Credit Debit Credit Accounts Receivable Bilings on Construction Contract Cash Accounts Receivable 10 marks Use the space below to calculate the amount of revenue and gross profit recognized in 2018, 2019 and 2020. Revenue Recognition 2018 2019 2020 ercentage Complete Contract Price Sevenue to Date ess: Revenue recognized in Prior years Revenue recognized in current year ess: Costs for the year Cross Profit P1 P2 Tin horte D G H Record Entries: General Journal 2018 2019 2020 Debit Credit Debit Credit Debit Credit What will Bermuda report in its December 31, 2018 balance sheet related to this contract? (Ignore cash). 5 mars Balance sheet 2018 P1 P2 Type here to search C F