Garnet Construction Co. contracted to build a bridge for $900,000. Construction began in 2010 and was completed in 2012. Data relating to the construction are: 2010 2011 2012 Costs to date $270,000 $450,000 $610,000 Estimated costs to complete 330,000 150,000 0 Progress billings to date 270,000 550,000 900,000 Cash collected to date 240,000 500,000 900,000 Garnet uses the percentage-of-completion method. (a) How much profit or loss should be reported for 2010 and 2011? Show your computation, including revenue and expenses. 2010: 2011: (b) Make the entry to record the revenue and gross profit for 2011. (c) Show the ending balance of accounts receivable and inventory related to the long-term construction as of Dec. 31, 2011. (d) Assume that estimated cost to complete incurred at 2011 will be $500,000 instead of $150,000. How much gross profit or loss should be reported for 2011? Show your computation.