In the year 2016, the ACME Construction company entered into a contract to construct a road for Greenville country for $30,000,000. The road was completed in 2018. Information related to the contract is as follows ACME uses the percentage-of-completion method of accounting for long-term construction contracts Calculate the amount of revenue and gross profit to be recognized in each of the three years Prepare all necessary journal entries for each of the years (credit "Various accounts" for construction costs incurred) Prepare a partial balance sheet for 2016 and 2017 showing any items related to the contract now calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information In the year 2016, the ACME Construction company entered into a contract to construct a road for Greenville country for $30,000,000. The road was completed in 2018. Information related to the contract is as follows ACME uses the percentage-of-completion method of accounting for long-term construction contracts Calculate the amount of revenue and gross profit to be recognized in each of the three years Prepare all necessary journal entries for each of the years (credit "Various accounts" for construction costs incurred) Prepare a partial balance sheet for 2016 and 2017 showing any items related to the contract now calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information