Giants Construction Inc. specializes in the construction of commercial and industrial buildings. The company is experienced in bidding on long-term construction projects of this type, with the typical project lasting from fifteen to twenty-four months. Giants uses the percentage-ofcompletion method. Progress toward completion is measured on a cost-to-cost basis. Giants heaan work on a contract at the heainnina of 2023 . Data for 2023 follow: It should be noted that included in the above costs incurred to date were standard electrical and mechanical materials stored on the job site, but NOT yet installed, costing $51,000. These costs should NOT be considered in the costs incurred to date. Instructions a) Calculate the percentage of completion on the contract at the end of 2023. b) Calculate the gross profit that would be reported on this contract for 2023 . c) Prepare the journal entry to record the revenue and gross profit for 2023 on Giants' books. d) Indicate the account(s) and the amount(s) that would be shown on Giants' statement of financial position at the end of 2023 related to its construction accounts. Also show how these items would be classified on the statement of financial position. Cash collected during the year was $980,000. e) Assume, instead of $1,500,000, the latest forecast of total costs at the end of 2023 was $2,050,000. How much income (loss) would Giant then report for the year 2023