Morneau Contractors Inc. agreed to construct a building for $475,000. Construction commenced in 2018 and was completed in 2020. Data relating to the contract are summarized below. (Click the icon to view the contract data.) Required a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance. b. Record the journal entries using T-accounts. Construction in process ending balance $ 168,150 $ 400,900 $ 0 Requirement b. Record the journal entries using T-accounts. Begin by recording the journal entries for 2018. Use the reference numbers to post the journal entries. Cash 1 168,150 Bal Bal Billings on Construction in Process Accounts Receivable Construction In Process Inventory Bal Bal Bal Revenues Bal Cost of Sales Bal Bal Bal Bal Bal Bal