During $2023,$ Lautoka Company started a construction job with a contract price of $$1,850,000.$ The job is expected to be completed in Fall $2025.$ The following information is available. The contract is non$-$cancellable.

$\backslash$table$[[,{2023}_{?},{2024}_{?},{2025}_{?},,],[$Costs incurred to date,$$450,000,$$$850,000,$$$1,250,000,-,-],[$Estimated costs to complete,$650,000,350,000,0,-,-],[$Billings to date $($non$-$refundable$),375,000,975,000,1,850,000,-,-],[$Collections to date,$285,000,875,000,1,800,000,-,-]]$

Instructions:

$($a$)$ Using the percentage$-$of$-$completion method, calculate the estimated amount of gross profit to be recognized each year of the construction period.

Round the percentage complete to the nearest whole percentage point.

$\backslash$table$[[2023,,2024,,2025],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,]]$

$($b$)$ Prepare all necessary journal entries for $2024.$

$($c$)$ Show how the Construction contract would be reported on the Statement of Financial Position and the Income Statement for the year ended December $31,2024$

$\backslash$table$[[$Lautoka Company.$],[$Income Statement,$2024],[\backslash$table$[[$Revenue from$],[$long$-$term$],[$contracts$]],$xxxxx$],[\backslash$table$[[$Construction$],[$expenses$]],x_{?}$