Harpley Construction Company contracted to build a parking garage for $3,000,000. Construction began on January 1, 2012 and was completed December 31, 2014. Harpley has a 12/31 fiscal year end. Data related to the contract is summarized below: Assuming that Harpley uses the percentage-of-completion method of accounting for long-term contracts, use the above information to answer the questions below (a blank sheet is provided on the next page for your work). ROUND percentage of completion to the NEAREST PERCENTAGE POINT (ex: round 35.58% up to 36%; round 64.40% down to 64%, etc.) On the 2012 balance sheet, what is the appropriate balance in the Construction in Process (CIP) Inventory account? In the adjusting entry recorded at the end of 2013. Harpley will record what amount in the Construction Expense account? What amount of gross profit or loss on the long-term contract will Harpley report in 2012, 2013, and 2014? (Use parentheses to denote losses.) Please provide the adjusting entry that Harpley will record at the end of 2014 to record revenues and gross profit on its long-term construction contract