McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: 2024 $1,300 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2023 $1,500 1,200 1,200 1,000 1,300 1,500 1. Compute the amount of revenue and gross profit recognized during 2023 and 2024. 2. Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2023 and 2024to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar. 3. Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2023 and 2024 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar