Make the necessary calculations and journal entries for every year.

Q5) Bran Co. signed a contract of 6.000.000$ on 1.1.2016. The construction is estimated to be finished in three years with a total cost of 4.500.000 $. The company applies percentage of completion method for the revenue recognition. The related information for the construction contract is as follows: 31.12.2016 31.12.2017 31.12.2018 Costs to the date 900.000 2.550.000 4.600.000 3.600.000 2.050.000 Estimated costs Billings Collections from billings 1.350.000 2.950.000 1.700.000 1.150.000 2.700.000 2.150.000 Make the necessary calculations and journal entries for every year