m UI Hi beam construction company was awarede a comtract to construct an interchange at the junction of 5 two major freeways in a canadian city at a total contract price of 1600000. The estimated total cost for the project was 1200000. the project was completed in 2020. Hi beam follows IFRS and uses the contract asset approach m 0 1 2 2018 2019 2020 3 Cumulative costs incurred 300,000 882,000 1,340,000 4 estimated additional costs 950,000 512,000 0.00 5 progress billings 400,000 500,000 700,000 6 collections on billings 300,000 450,000 850,000 7 8 prepare all journal entries required for the second year of this 3 year project. Use one decimal of accuracy 9 0 in your percent complete. For example 0.4378345 use 43.8% 1 2