Long Term Construction Contract Homework Problem Total Contract Revenue 1,000,000 2017 2018 Costs to Date 200,000 500,000 Estimated Costs to Completion 600,000 350,000 2019 900,000 0 Billings to Date 220,000 650,000 1,000,000 Collections to Date 195,000 620,000 1,000,000 INSTRUCTIONS 1) Using the percentage of completion method, compute the amount pf gross profit to be recognized each year. 2) Prepare all necessary journal entries for each year 3) Show financial statement presentation each year. 4) Re-do (2&3), under completed contract method