Emu Ltd was contracted to build a new apartment block for Kangaroo Ltd for $36,000,000. Payment of three $12,000,000 instalments were due and paid on June 30 of each year. The expected and actual costs at the end of each year are detailed as follows: Year Expected Actual 2020 8,000,000 8,000,000 2021 13,000,000 15,000,000 2022 10,000,000 10,000,000 Total 31,000,000 33,000,000 Page 6 of 10 Note: The outcome the project can be measured reliably. Required: i. Calculate the percentage completion using the cost method at the end of each year (use percentages of 2 decimal places). (3 marks) ii. Calculate the gross profit (loss) and the revenue to be recognised each year (round to the nearest dollar) using the cost method. (6 marks) iii. Prepare the appropriate journal entries for year 2020 only. (4.5 marks)