Baker Construction Corp. entered into a contract with Menlo Inc. to construct a new office building on January 1, 2019. The price of the new building totaled $1,000,000, construction began In January, 2019, and the building was completed in December, 2021. Upon signing of the contract, Baker estimated the total construction costs would amount to $800,000. The following information is available related to the construction project: 2019 2020 Costs incurred to date $300,000 $700,000 2021 $1075,000 Estimated costs to complete $550,000 $350,000 $ -0- Billings to date $300,000 $700,000 $1,000,000 Collections to date $250,000 $650,000 $1,000,000 REQUIRED: 1. Calculate the amount of income (gross profit) that Baker should recognize in each of the years 2019, 2020, and 2021, using the percentage-of-completion method. Show all calculations. 2. Calculate the amount of income (gross profit) that Baker should recognize in each of the years 2019, 2020, and 2021, using the completed-contract method. Show all calculations. 3. Prepare all of the journal entries related to the construction project that Baker should record for the year 2021, using the percentage of completion method