HELP

Coller Inc. is a builder of large digital networks. In the midst of the high-tech euphoria, the company bid and won a $62 Millions contract to build a network for the country of India. Details on the project over the three years are as follows: Year 2 43 Year 3 61 23 0 (in millions) Year 1 Cumulative costs 20 incurred Additional costs to 36 complete as estimated at year end Amounts invoiced to 26 customer in the year Cash collected in the 23 year from the customer 18 18 10 29 Required: (a) Calculate the amount of revenue, cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years. The company uses the percentage of completion method to account for long-term contracts. Please show your calculation. Round any percentages to the nearest 2 decimals. (e. g., 50.435% would be 50.44%) (b) Provide the journal entries that would need to be made at the end of Year 2. For each account shown in a journal entry, indicate whether it is a balance sheet (b/s) or income statement (1/s) account