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. In 2025 P began construction work under a three-year contract The contract price is $25649 Precognizes revenue during the contract based on percentage completed

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. In 2025 P began construction work under a three-year contract The contract price is $25649 Precognizes revenue during the contract based on percentage completed Costs incurred, estimated costs to complete, customer billings and cash collected for the life of the contract follow: 2025 2026 2027 - Actual costs this 2045.51 2750.86 9310.58 year Est. costs to 12907.86 10862.3 0 complete Billings 10516.09 8720.66 6412.25 Cash collected 10018.09 8209.66 7421.25 Record the amounts of the journal entries to recognize revenue over the life of the contract a. During 2025 the revenue that P recognizes is: I b. During 2025 the cost of sales that P recognizes is: c. During 2025 the change in the contract in progress account is: d. During 2026 the revenue that P recognizes is: d. During 2026 the revenue that P recognizes is: e. During 2026 the cost of sales that P recognizes is: f. During 2026 the change in the contract in progress account is: g. During 2027 the revenue that P recognizes is: h. During 2027 the cost of sales that P recognizes is: i. During 2027 the change in the contract in progress account is: j. The total amount of revenue recognized over the life of the contract is

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