mekly Updates 20 pts Questi Questi Questi cussions During 2012 AFCO started a construction job with a contract price of $2,500,000. The job was completed in 2014. The following information is available. nferences Time Running Attempt due: May 2 2 Hours. 20 Min laborations 2012 2013 2014 leyPLUS Support Costs incurred to date $ 600,000 $1.435,000 $2,100,000 Estimated costs to complete 1,400,000 615,000 -0- Billings to date 100,000 500,000 2,500,000 Collections to date 100.000 300,000 2,000,000 (a) Note - Please show all calculations in order to earn full credit, Instructions: Compute the amount of gross profit to be recognized each year assuming the percentage-of completion method is used. (b) Prepare all necessary journal entries for 2013 Compute the amount of gross profit to be recognized each year assuming the completed- contract method is used. (c) HTML Editor B IV AA- IEE3XXE - BON V DT 12pt Paragraph