In 2014, the Atlantic Company entered into a construction contract containing the following information:

Contract price: 4,000,000 US dollars. Contract period: 5 years. additional information:

	2014	2015	2016	2017	2018
Costs incurred during the year	650,000	240,000	385,000	525,000	450,000
Estimated costs up to the end of the year	1,600,000	1,360,000	975,000	450,000	-
Invoices during the year	1,350,000	625,000	850,000	567,500	607,500
Cash receipts during the year	1,150,000	750,000	850,000	550,000	700,000

Required: 1. Preparing the necessary journal entries for the year 2014 and 2015 using the completed contract method. 2. Reporting of debtors, construction work in progress and invoices on the construction contract at the end of 2016 and 2017 using the completed contract method. 3. Preparing the necessary journal entries for 2016 and 2017 using the percentage complete method. 4. Reporting of debtors, construction work in progress and invoices on the construction contract at the end of 2014 using percentage complete method. 5. Preparing the necessary journal entries for the year 2018 using the cost recovery method. 6. Reporting of debtors, construction work in progress and invoices on the construction contract at the end of 2018 using the cost recovery method.