Chapters 18, 20 and 21 Due December 4th, 2018 AT THE BEGINNING OF CLASS SHOW YOUR WORK #1 Bello Construction specializes in the construction of the percentage-of-completion method of revenue r buildings. The contractor is experienced in bidding long-term type, with the typical project lasting fifteen to twenty-four months. The commercial and industrial ecognition since, given the Progress toward completion is measured on a cost-to-cost basis. Bello characteristics of the contract ors business and contracts, it is the most a began work on a lump-sum contract at the beginning of 2018. As bid, the statistics were as follows: Lump-sum price (contract price) Estimated costs $8,000,000 Labor Materials and subcontractor Indirect costs $1,700,000 3,500,000 800,000 6,000,000 At the end of the first year, the following was the status of the contract Billings to date Costs incurred to date $4,500,000 s 928,000 Labor Materials and subcontractor Indirect costs 1,296,000 386,000 2,610,000 6,000,000 Latest forecast total cost It should be noted that included in the above costs incurred to date were standard electrical and mechanical materials stored on the job site, but not yet installed, costing $210,000. These costs should not be considered in the costs incurred to date. Instructions (a) (b) Indicate the amount of gross profit that would be reported on this contract at the end of 2018. Compute the percentage of completion on the contract at the end of 2018. (c) Make the journal entry to record the income (loss) for 2018 on Bello's books