Care Leasing is building a luxury cindominimum for a contrct price of $59,000,000. this is estimated to be a 3-year project with an estimated cost of $43,000,000. CL uses the percentage-of-completion method of revenue recognition, using the cost-to-cost method of estimating the percentage complete. the following is the best available information at the end of each year

Requirements:

Data Table Year 1 Year 2 Year 3 $ 15,000 (in $ thousands) Cost incurred each year Estimated costs to complete Billings on construction in progress Cash collected 0 11,000 $ 33,000 14,000 9,000 24,000 $ 21,000 19,000 14,000 26,000 36,000 tw to ald Print Done Requirement a. Compute the amount of gross profit to be recognized in Year 1 Year 2 and Year 3 Show computations in tabultar form (Round the percent to two decina p. XXX Brera balonces, Um aminos signor parentheses to enter a loss Enter amounts in thousands in thousands) Year 1 Year 2 Year 3 Estimated gros profit Pero completo Groote to do Le gross profit previously recognized Content gossprots) Requirement b. Prepare all the journalisted in Your Records the credits Exposure not required to unde) Begin by preparing the entry to show the costs Car Ling incurred on the project during You 2 Date Accounts Debat Credit Yes DI Caretto Leasing (CL) is building a luxury condominium for a contract price of $59,000,000. This is estimated to be a three-year project with an estimated cont at 543.000.000 Requirement b. Prepare all the journal entries required in Year 2 (Focord debits first, then credits Explanations are not required. Enter amount in thousands) Begin by preparing the entry to show the costs Carefroe Leasing incurred on the project during Your 2 Date Accounts Debit Credit Year 2 Next, prepare the journal entry to show customers during Your 2 Date Accounts Debit Your Credit Prepare the journal entry to show obections from the customer in Your Prepare the journal entry to show collections from the customer during Year 2 Date Accounts Debit Year 2 Credit Now prepare the compound entry to recognize revenue and expenses on the project Date Accounts Debit Credit Year 2 Requiremente. Prepare the journal entry required in Year to close to accounts related to the project(Record Gebits first the credits planaionean ere Prepare the journal entry toured in Your 3 to lose the accounts related to the project This is estimated to be are your project with and 43.000.000 C Requirement c. Prepare the journal entry required in Year 3 to done the accounts related to the projet (Record debts fox, then conste Explorators were catre con Prepare the joumalotry required in Yow 3 to close the accounts related to the project Date Debit Credit Year Accounts Requirements. At the end of Year 2. it the estimated cost to complete in $20 million cread of 521 milion how much grows profe would be recoprired in your ?> Compute the amount of your profit to be recognized Year 2 org the revned estimated cont, Round the percent to two oncinal places xxx preto e aos Entramounts in thousands) Year mated gros Porcon corretto for 100 ton strated to Good LOGO Sub Leasing (CL) is building a cry condominium for a contract price of $59.000.000. This is estimated to be a three-your project with and cost of 5.000.000 a Prepare the journal entry required in Year to the accounts to the project Date Accounts Debit Credit Year a Requirement d. At the end of Year 2. the estimated cost to complete is $20 million instead of 821 milion how much you profit would be recognized Your 22 Compulin the amount of grous profit to be recognized in Yew 2 using the red estimated cost. (Round the percent to his decina plocie Xxx Free parents to enter a los Enter amounts in thousands) in thousands Year 2 Estimated gross profit Percent complete er 100% stated Gospot to do La gran profit previously recognized Cutros proto