Fender period. Construction Company receives a contract to construct a building over a 3 year Information relating to the performance of the contract is summarized as follows: 2015 2016 2017 S 16,000,000 Cumulative construction costs incurred to date Estimated costs to complete Billings during the year Cash collected during the year 6,000,000 8,000,000 6,000,000 3,000,000 8,000,000 7,000,000 4,000,000 5,000,000 Required: 1. How much is Fender Construction charging to build this athletic stadium? In other words, what is the contract price of the project? 2 What was the estimated gross profit at the time the contract was negotiated? Using the percentage-of-completion method, compute the estimated gross profit 4. Prepare the journal entries related to the profit recognition process for years 2015-2017 5. Prepare the journal entries related to the profit recognition process for years 2015-2017 6. Does Fender's client have an oustanding balance related to the construction project at 7. Explain what happened between Fender's budgeted versus actual costs between 2016 3. recognized in the years 2015-2017. under the percentage-of-completion method. under the completed contract method. the end of 2017? If so, how much? and 2017. Suppose Fender expected total costs to increase by 67% in 2016, what would be the impact to the project? Refer to #8, if this is the case, how would you account for the impact of the expected cost increase referred in #8