Chiefs Construction Company (CCC) has contracted to build an office building. The construction is scheduled to begin on January 1, 2021, and the estimated time of completion is July 1, 2024 The building cost is estimated to be $80,000,000 and will be billed at $96,000,000. The following data relate to the construction period. 2021 2022 2023 2024 Cost to date Estimated cost to complete Progress billings to date Cash collected to date $22,000,000 $40,000,000 $54,000,000 $80,000,000 58,000,000 40,000,000 26,000,000 -O- 12,000,000 36,000,000 56,000,000 96,000,000 12,000,000 30,000,000 50,000,000 96,000,000 Instructions: (a) Compute the estimated gross profit for 2021, 2022, 2023, and 2024 assuming that the percentage-of-completion method is used.( Prepare a schedule using cell-formula) (b) Prepare the necessary journal entries for Chiefs Construction Company for the years 2023 and 2024 under percentage-of- completion method. (c) Prepare the necessary journal entries for Chiefs Construction Company for the years 2023 and 2024 under completed contract method. Chiefs Construction Company (CCC) has contracted to build an office building. The construction is scheduled to begin on January 1, 2021, and the estimated time of completion is July 1, 2024 The building cost is estimated to be $80,000,000 and will be billed at $96,000,000. The following data relate to the construction period. 2021 2022 2023 2024 Cost to date Estimated cost to complete Progress billings to date Cash collected to date $22,000,000 $40,000,000 $54,000,000 $80,000,000 58,000,000 40,000,000 26,000,000 -O- 12,000,000 36,000,000 56,000,000 96,000,000 12,000,000 30,000,000 50,000,000 96,000,000 Instructions: (a) Compute the estimated gross profit for 2021, 2022, 2023, and 2024 assuming that the percentage-of-completion method is used.( Prepare a schedule using cell-formula) (b) Prepare the necessary journal entries for Chiefs Construction Company for the years 2023 and 2024 under percentage-of- completion method. (c) Prepare the necessary journal entries for Chiefs Construction Company for the years 2023 and 2024 under completed contract method