Lily Network Consultants, Incorporated uses the percentage-of-completion method to account for its long-term contracts. It uses the cost-to-cost approach to measure progress. During the current year, Lily signed a contract to develop a computer network for an international accounting firm. Information related to the contract is presented below. (Click the icon to view the contract information.) Read the requirements DOS Requirement a. Compute the percentage-of-completion for each year. (Round the percentages to the nearest hundredth percent. XXX%.) 2022 2023 2024 % Cumulative percent complete % % $ 640,000 Contract price 2022 2023 2024 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date 90,000 448,000 538,000 $ 185,600 $ 262,400 $ 0 185,600 185,600 448,000 394,400 192,000 580,000 640,000 290,000 320,000 230,000 310,000 0 Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year 538,000 30,000 100,000 ne a. Compute the percentage-of-completion for each year. b. Compute the gross profit and revenue to be recognized each year of the contract Prepare the journal entries required for each year of the contract. d. Prepare the t-accounts for construction in progress, billings on construction in progress, and accounts receivable. Determine the net asset (liability) for each year of the contract on December C. ve . e. 31