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Canvas Please remember to show your work for calculations! Long Term Contracts (suggested time: 18 minutes) Campus Builders (CB) is building a 7-story extension of Henry Angus for the Sauder School of Business. CB negotiated a total contract price of $136,000, and expects this will be a three-year project with an estimated cost of $108,000. CB uses the percentage of completion method to recognize revenue on its long-term projects. The following information reflects the best estimates made at the end of each year: 2018 2019 2020 Costs incurred each year 18,000 63,000 40,000 Estimated costs to complete 104000 54,000 Billings 26,000 59,000 51,000 Collections 18,000 53,000 65,000 Required: Part A (6 marks): Calculate the amount of gross profit or loss to be recognized in 2018, 2019, and 2020. Part B (5 marks): Prepare all the journal entries required in 2019. Part C (2 marks): Prepare the journal entry required in 2020 to close the accounts related to the project. Part D (3 marks): At the end of 2019, if the estimated cost to complete is $56,500 (instead of $54,000), how much gross profit or loss would be recognized in 2019? BIYA A . LEBEIJ X X, 1 . 2 VG* 1 12pt Paragraph