Bluebird Construction has a contract to construct a $1,200,000 condo at an estimated cost of $1,000,000. The contract is to start in June 2016, and the condo is to be completed in December 2018. The following data pertain to the construction period. 2018 $1,050,000 Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year 2016 $500,000 500,000 300,000 250,000 2017 $790,000 210,000 500,000 500,000 400,000 450,000 Required: Prepare the adjusting journal entry at 12/31/2017 to record revenue, expenses, and gross profit. Show all of your work to calculate revenue, expenses and gross profit. Round % completion to the nearest whole percent. Required: Prepare the adjusting journal entry at 12/31/2017 to record revenue, expenses, and gross profit. Show all of your work to calculate revenue, expenses and gross profit. Round % completion to the nearest whole percent