Babson Corporation specializes in the construction of commercial and industrial buildings. On April 5, 201, signed an $8,000,000 contract for the construction of a rental office building. As of the contract date, the estimated construction costs were $6,000,000. The period for the delivery of the project was established between 15 to 20 months. Babson uses the Percentage method Completion to post your construction projects. At the end of the year 201, the following data related to the construction project was obtained: Instructions 1. Calculate the percentage of work completed as of December 201 2. Determine the amount of gross profit or loss to report at the end of 201 3. Prepare the registration entries related to: costs incurred, billing, collection and recognition of income or loss for the year 201. Babson 's financial statements at the end of the year 201