1. Assume the percentage of completion method is used. For each year, prepare the entry to record revenue and expenses. Be sure to show all work for this part.

Long-term Construction contract problem Curtiss Construction Company, Inc. entered into a fixed-price contract with Stewart Associates on July 1, 2019 , to construct a four-story office building. At that time, Curtiss estimated it would take between two and three years to complete the project. The total contract price for construction of the building is $5,000,000. The building was completed on December 31,2021 . Information related to the construction is as follows