for part c) journal entries for 2018-2019

On January 1, 2018, Mayfield, Inc. began construction on a new office building being constructed for Partner, Inc. The contract price for the building was set at $800,000, which Partner is being billed for in Installments over the four year construction period. Mayfield estimated the total cost of the construction to be $600,000. Information about the project for the four years it took to complete is as follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2018 $150,000 $450,000 $100,000 $ 50,000 2019 $360,000 $390,000 $300,000 $280,000 2020 $500,000 $125,000 $500,000 $460,000 2021 $630,000 SO $800,000 $800,000 REQUIRED: A) Calculate the gross profit that Mayfield, Inc. should be reporting for each of the years 2018-2021. assuming the company uses the percentage of completion method of accounting. B) Calculate the gross profit the Mayfield, Inc. should be reporting for each of the years 2018-2021. assuming the company uses the completed-contract method of accounting