answers for financial accounting and reporting please

Question 3(15 marks) i)IFRS 15 Revenue from contract customers, outlines 5 steps that are critical in the revenue recognition process. List these five steps in the revenue recognition process.(5 marks) ii) Pemba Builders Company has been contracted to build a Clinic for K350,000. Construction began in 2017 and is expected to be completed in 2019. Data for 2017 and 2018 are: 2017 2018 Costs incurred to date K45,000 K130,000 Estimated costs to complete 180,000 120,000 Pemba uses the percentage-of-completion method (using the cost incurred to total cost) Required (a) How much gross profit should be reported for 2017 And 2018(5 marks) (b) Make the journal entries to record the revenue and costs in 2017 and 2018(5marks)