hecock Construction has a long-term contract to build a stadium addition. The contract is expected to take 3 years to complete. Gamecock started construction in 2018, and construction is still ongoing at the end of 2019. Gamecock uses the over-time (aka percentage of completion) method of revenue recognition for this type of contract. Contract Price $5,000,000 2018 1,000,000 2019 1,700,000 Costs incurred During the Year Estimated Additional Costs to Complete Billings Made During the Year Collections on Billings Each Year 3,000,000 900,000 1,500,000 950,000 2,650,000 3,100,000 % of completion 25% Gross Profit Recognized During Year $250,000 Revenue Recognized During Year $1,250,000 A) (2 pts) What gross profit should Gamecock recognize for 2019 for the contract described? B) (6 pts) Record the two journal entries Gamecock should make for 2019 that include either debits or credits to the CIP (construction in process) account related to this contract. For each entry, put DR in front of all debits and CR in front of all credits. Record each debit or credit on a separate line. C) (3 pts) At the end of 2019, what is the net balance of Gamecock's CIP/Billings on CIP account related to this contract? Provide the value and state whether this balance is an asset or liability. D) (3 pts) Suppose Gamecock used the point-in-time (completed contract) method for revenue ecognition for the contract described. What would be balance of the Gross CIP (i.e., do not net Out Billings on CIP) account at the end of 2019 under this method of revenue recognition