Complete this question by entering your answers in the tabs below. What will citation report in its 2021 income statement related to the single-family home business (ignore cash in the balance sheet)? Ctation Builders, Inc, buils office buildings and single-famiy homes. The office builings are constructed under contract with reputable buyers. The homes are constucted in deveiopments ranging from 10-20 homes and are fypically sold during construction or soon afect To secure the home upon completion, buyers must pay a deposit of 10% of the price of the home with the remaining balance due upon completion of the house and transfer of tite. Faliure to pay the full amount results in forfeiture of the down payment. Occasionaliy, homes remain unsold for os long as three months affer construction, in these situations, sales price ceductions are used to promote the sale. During 2021, Ctation began construction of an office building fot Altamont Corporation. The total contract price is $26 million. Costs incurred, estimated cosss to complete at year-end. bilings, and cosh collections for the life of the contract are as follows: Also during 2021, Cration began a deveiopment consisting of 12 identicat homes. Ciation estimated that each home wili sell for $920,000, but individual sales prices are negotated with buyers. Deposits were received for eight of the homes, three of which were completed during 2021 and poid for in full for $920,000 each by the buyers. The completed homes cost $690,000 each to construct. The construction costs incurred during 2021 for the nine uncompleted homes totaled $4,140,000. Required: 1. Which method is most equivalent to recognizng revenue at the point of delivery? 2 Aaswer the following questions assuming mat Cltation concludes in does not qualify for revenue recognition over time for its office buliding contracts: 2 a. How much revenue related to this contract will Ciaton report in its 2021 and 2022 income statements? 2.b. What is the amount of gross proft or loss to be recognized for the Alamant contract during 2021 and 2022 ? 2-c. What wil Citation report in its December 31,2021 , bolsnce sheetrelated to this contract? (Dgnore cash) 3. Answer the following questions assuming that Citation recognizes revenue over time according to percentage of completion for its office buliding contracts 3-a. How much revenue related to this contract will Ctation repont in its 2021 and 2022 income statements? 3.b. What is the amount of gross prott or loss to be recognized for the Altamont contract during 2021 and 2022 ? 3-c. What will Citation report in its December 31, 2021, balance sheet related to this contract? (Ignore cash) 4. Assume the same information for 2021 and 2022 but that as of year end 2022 the estimated cost to complete the office bulding is $11700,000. Citation recognizes revenue over time according to percentage of completion for its office building contracts 4-a. How much revenue related to this comract will Chation report in the 2022 income statement? 4-b. What is the amount of gross profit or loss to be tecognized for the Altamont contract during 2022 ? 4-s. What wili Ccation report in its 2022 bolance sheet related to this contract? (lanore cash) 5. Which method of accounting should Citation Bulders, inc adopt for its single-family houses? 6. What wa Catation report in ins 2021 income statement and 2021 balance sheet related to the single-family home business (ignore canh in the balance sheet? Complete this question by entering your answers in the tabs below. What will citation report in its 2021 balance sheet related to the single-family home business (ignore cash in the balance sheet)? Complete this question by entering your answers in the tabs below. What will Citation report in its 2022 balance sheet related to this contract? (Ignore cash.) Complete this question by entering your answers in the tabs below. Assume the same information for 2021 and 2022, but that as of year-end 2022 the estimated cost to complete the office bullding is $11,700,000. Citation recognizes revenue over time according to percentage of completion for its office building contracts. How much revenue related to this contract will Citation report in the 2022 income statement? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2022? (Lo5s amounts should be indicated with a minus sign.)