Jones Contractors Inc. agreed to construct a building for $425,000. Construction commenced in 2018 and was completed in 2020. Data relating to the contract are summarized below. (Click the icon to view the contract data.) Required a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance. b. Record the journal entries using T-accounts. Requirement a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit. (Round the percent complete to two decimal places, X.XX%. Round your final answers to the nearest dollar. Use parentheses or a minus sign to enter a loss.) 2018 X Revenues - current year Contract data Expenses Gross profit (loss) 2018 2019 2020 Costs incurred during the year $ 134,368 $ 166,952 $ 73,680 Estimated costs to complete 220,632 58,680 Billings during year 85,000 221,000 119,000 Collections during year 76,000 217,000 132,000 Estimated profit on contract ? ? ? Print Done