Construction Ltd$.$ commenced operations on January $1,2023$ employing the $$percentage completion$$ method of

accounting for its long term construction contracts. Business activities for each of the first $2$ years were as follows:

$20232024$

Project A$001$ Contract Price $$870,000$

Costs incurred to date $$240,000$ $$650,000$

Estimated costs to complete $$560,000$ $$240,000$

Cash collected to date $$310,000$ $$585,000$

Billings to date $$325,000$ $$628,000$

Project B$009$ Contract Price $$1,350,000$

Costs incurred to date $$525,000$ $$860,000$

Estimated costs to complete $$660,000$ $$315,000$

Cash collected to date $$395,000$ $$700,000$

Billings to date $$485,000$ $$760,000$

REQUIRED $($round all calculations to $2$ decimals$)$

a$)$ Calculate total gross profit $($loss$)$ the company should report in both $2023$ and $2024$ from the above projects.

b$)$ Show how the above projects should be presented on the balance sheet at December $31,2023$ in good form.

c$)$ Prepare summary JE for each project to recognize gross profit $($loss$)$ in $2024$