Laganas Contractors Inc agreed to construct a building for $350,000. Construction commenced in 2018 and was completed in 2020. Data relating to the contract are summard (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 is process inventory balance b. Record the journal entries using T-accounts CID Requirement a For each of the three years, determine the following amounts relating to the above contract revenue, expenses, gross proft. (Round the percent complete to two decimal places XX% Round your fa dollar. Use parentheses or a minus sign to enter a loss) Contract data Revenues current year Expenses Gross profit (loss) 2018 $70.000 $96,280 $(26.280) 2018 2019 2020 Costs incurred during the year $ 06.280 $ Estimated costs to complete 193.720 Bangs during year 70,000 152.550 $ 49.170 157,500 81.170 122.500 Collections during year 65.000 156,500 128.500 Estimated profit on contract Print Done