Do NOT attempt if you CANT attempt ALL the questions.For the last question on percentage of completion, please round % to 0.1%, and round all dollar amounts to $1.

6. On February 1, 2012, Blueprint Contractors agreed to construct a building at a contract price of $4,400,000 Blueprint estimated the project would be finished in 2014. Blueprint uses the percentage of completion method to account for the project. Information relating to the costs and billings for this contract is as follows OWS 2012 201 01 Costs incurred in the year Estimated costs to complete Customer billings in the year Collections in the year $1,500,000 $1,250,000 $1,500,000 2,500,000 2,200,000 2,000,000 1,800,000 1,000,000 1,000,000 1,200,000 1,400,000 How much revenue and expense should Blueprint recognize in 2012, 2013, and 2014 respectively? (Use extra page if you need more space.) a. b. Provide the year-end journal entry made by Blueprint in 2013 to record revenue on the long-term contract. As of December 31, 2013 after appropriate adjusting journal entry, what is the appropriate balance in the Construction in Progress account? c