COMPLETED CONTRACT and PERCENTAGE OF COMPLETION METHODS Problenm The ABC Construction Company entered into a long-term contract in 2017. The contract price was $1,600,000 following data pertains to the three years that the contract was in process: , and the company initially estimated the total c osts of the p roject to be $1,150, Collections Billings During Year $200,000 $170,000 80,000 $1,000,000 $900,000 $82,000 $400,000 $430,000 $74,000 Estimated Costs at End of Year Cost Incurred During the Year $224,000 $712,000 $344,000 During Operating Year enses Year 2017 2018 2019 $896,000 $264,000 $-0- mcom uic hr aeoss profi to be reported in ach of the three years using 1)yhe completed contract method and 2)the percentage of completion method. b)Prepare the related journal entries for all three years using 1)completed contract method and 2)percentage of completion method