During 2017, Nilsen Company started a construction job with a contract price of $2,400,000. The job was completed in 2019. The following information is available:

Problem 3- Contract Accounting (25 points) During 2017, Nilsen Company started a construction job with a contract price of $2,400,000. The job was completed in 2019. The following information is available: 2019 2018 s 750,000 S 1,540,000 2,000,000 2017 Costs incurred to date Estimated costs to complete Customer billings to date Cash collections to date 1,250,000660,000 650,000 1,750,000 2,400,000 450,000 1,250,000 2,250,000 Required: 1. Calculate the estimated gross profit and revenue to be recognized on this contract for the years ended December 31, 2017, 2018, and 2019 assuming Nilsen recognizes revenue over time according to percentage-of-completion. 2017 2018 2019 Gross Profit Revenue 2. Prepare the appropriate sections of the 2017 Balance Sheet