Benson construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor's business and contracts, it is the most appropriate method. Progress toward completion is measured on a cost to cost basis. Benson began work on a lump-sum contract at the beginning of 2014. As bid, the statistics were as follows: It should be noted that included in the above costs inclined to date were standard electrical and mechanical materials stored on the job site, but not yet installed, costing $62,000. These costs should not be considered in the costs incurred to date. Instructions Compute the percentage of completion on the contract at the end of 2014. Indicate the amount of gross profit that would be reported on this contract at the end of 2014. Make the journal entry to record the income (loss) for 2014 on Benson's books Indicate the account(s) and the amount(s) that would be shown on the balance sheet of Benson Construction at the end of 2014 related to its construction accounts. Also indicate where these items would be classified on the balance sheet, Billing charged were $l, 500,000 and billings collected during the year amounted to $1, 180,000 Assume the latest forecast on total costs at the end of was 2014 was $2, 250,000. How much income (loss) would Benson report for the year 2014