Assume that JKJ Company has contracted to build an office building for Multi Co$.$ for $$900,000.$ Multi Co$.$ has title to the office building during the entire construction period The construction costs were estimated initially to be $$640,000.$ Other relevant data is as follows:$202120222023$Current period costsEstimated additional costs to complete$$193,500451,500$$$261,500195,000$$$195,000$Progress billingsCollection on billings$-$current year$135,000112,500350,000337,500415,000450,000$Additional information::Conisa cure emained were actual torts out the come construction years.Required:$1.$ Calculate the revenues to be recognized for the years $2021$ and $2022$ assuming the company uses the percentage of completion method. Calculate the percent complete to the nearest whole percent. $(4$ marks$)2.$ Prepare journal entries for ABC Company for $2021$ using the percentage of completion method. $(9$ marks$)$