In the year 2018, the Donald Duck Construction Company entered into a contract to construct a road for Dade County for $15,000,000. The road was completed in 2020. Information related to the contract is as follows: Costs incurred during the year ...... Estimated costs to complete as of year-end.......... Billings during the year 2018 $4,000,000 Cash collections during the year... 2019 2020 $4,800,000 $4,200,000 8,000,000 4,000,000 3,500,000 5,000,000 6,500,000 2,800,000 5,600,000 6,600,000 Donald Duck recognizes revenue over time according to the percentage-of-completion method. Required: 1. Calculate the amount of gross profit to be recognized in each of the three years. Round all percentages to the nearest hundredth percent. 2. Prepare all necessary journal entries for each of the years (credit "Various accounts" for construction costs incurred). 3. Prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. 4. Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information: Costs incurred during the year ...... Estimated costs to complete as of year-end........... 2019 2020 2018 $4,000,000 $4,200,000 $7,200,000 8,000,000 7,100,000