all of them thanks

19. In year 1 , the Ace company signs a contract to build a road for the state of Maryland for $25 million. During year 1 , Ace spends $4 million and expects the job to require $16 million to finish. During year 2 , Ace spends an additional $7. If percentage of completion method is being applied, what mount of profit will Ace recognize in Year 1 and then year 2 ? 20. When accounting for a long-term construction contract using the percentage-ofcompletion method, gross profit recognized in any year is debited to: a. Construction in progress b. Billings on construction contract. c. Deferred income. d. Accounts receivable. 21. Sandlewood Construction Inc. uses the percentage-of-completion method of accounting for long-term construction contracts. In 2016, Sandlewood began work on a $10,000,000 construction contract, which was completed in 2017. The accounting records diselosed the following data at the end of 2016 : How much gross profit should Sandlewood have recognized in 2016 ? a. $700,000 b. $1,000,000 c. $600,000 d. 0