Brief Exercise 6-30 During 2017, Whispering Winds Corporation started a cons uction ob with a contract price o $2.94 million whispering Winds ran to severe technical dcultes during construction but managed to complete hajobin 2019. The contract is on cancellable. Under the terms of the contract, Whispering Winds sends billings as revenues are eamed. Billings are nonrefundable. The following information is avalable 2017 2018 2019 Costs incurred to date Estimated costs to complete 420,000 1,470,000 $2,840,000 1,470,000 2.205,000 Calculate the amount of gross profit that should be reccgnized each year under the percentage-of completion methad. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2017 2018 2019 Gross Profit/(Loss) Prepare the journal entries for 2018 to e the revenue from the contract, assuming the Percentage comp et on methodused. Credit account titles are automatically ndented when the amount is entered. Do not indent manual y 1 no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation 2018 Debit Credit Calculate the amount of gross profit or loss that should be recognized each year under the completed-contract method. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2017 2018 2019 Gross Profic / (Loss)