In 2018, Scientific Engineering, Inc., entered into an agreement to construct a research and development laboratory at a contract price of $1,500,000. Financial data related to the project were as follows: Instructions: 1. Determine the amount of profit to be recognized in 2018 and and 2020 2019 using the percentage-of-completion method of accounting for long term construction contracts. 2. Using the percentage-of-completion method, record the yearend adjusting entries for the recognition of any revenue and/or profit for 2018 and 2019. and 2020 3. Determine the balance in the account Construction-in-process at December 31, 2018 under the percentage-of-completion method of accounting. and 2020 4. Assume Scientific Engineering elected to use the completed-contract method of accounting for long term construction projects. Under this method what would be the profit recognized in 2019