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can you please answer the following Problem 11: Percentage of Completion Method (Note: This problem is based on Chapter 18. Slides 46-48) The accounting records

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Problem 11: Percentage of Completion Method (Note: This problem is based on Chapter 18. Slides 46-48) The accounting records of Southern Building Contractors Inc. shows the following data for its major project for the three years ended 2016-2018: 2018 2019 2020 Contract Price Estimated Total Cost of Project: Cost incurred Current Year $1,485,000 $1,320,000 $330,000 $990,000 $297,000 $1,485,000 $1,320,000 $629,200 $360,800 $792,000 $1,485,000 $1,320,000 $360,800 $396,000 Estimated Cost to Complete Billings to Customer Current Yr. Cash Receipts from Customer Current Yr. $247,500 $577,500 $660,000 Required: Complete the following table, ending with the correct Gross Profit recognized (Note: round your % to two decimal places) 2018 2019 2020 Cost incurred to Date Estimated Cost to Complete Estimated Total Contract Cost Estimated Percent Complete Contract Price Revenue Recognizable Revenue Recognized Prior Year Revenue Recognized Currently Costs incurred Currently Gross Profit Recognized

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