Community Apartments Inc. (CA Inc.) is building a luxury condominium for a contract price of $68,000,000. This is estimated to be a three-year project with an estimated cost of $54,000,000. CA Inc. 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: (In thousands of dollars) Costs incurred each year Estimated costs to complete Billings Collections Required: Year 1 Year 2 Year 3 9,000 31,500 20,000 51,000 25,500 0 8,000 34,500 25,500 7,000 28,500 32,500 1. Compute the amount of gross profit to be recognized in Year 1, Year 2, and Year 3. Show computations in good form. (5 marks) 2. Record all required journal entries for Year 1. (8 marks) 3. Record final journal entry to record completion of the project. (2 mark) 4. Calculate the net construction in progress balance at the end of each year. How would it be presented on the statement of financial position at the end of each year