Koskov Construction Corp. builds commercial office buildings. During 2016, Koskov began construction of a new headquarters building for Whitaker Enterprises; the project was completed in 2018. The total contract price was $20 million. Costs incurred, estimated costs to complete, year-end billings, and cash collected for the life of the contract are shown in the table below. All amounts are in Sthousands. Round percentages to the nearest whole percent. 2016 2017 2018 $9,500 4,500 $5,000 Costs incurred during the year Estimated costs to complete $4,000 12,000 0 Billings to customer during the year Cash collections during the year 2,000 1,800 10,000 8,600 8,000 9,600 Compute the amount of revenue and gross profit to be recognized in each year during the life of the contract. 1. a. show the journal entry to record actual construction costs incurred in 2016, 2017, and 2018 b. Show the journal entry to record customer billings in 2016, 2017, and 2018. sho th oumal cmtr 21 d. Show the journal entry to record revenue in 2016, 2017, and 2018. Show the t-accounts for Construction in progress (CIP), Billings on construction (BOC), and Accounts receivable (AR). e. f. Will Koskov report a contract asset or contract liability in 2016 and 2017