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 168,150 Accounts Receivable Construction In Process Inventory Bal Bal Billings on Construction in Process Bal Ball Bal Revenues Bal Cost of Sales Bal Bal Bal Ball Bal Bal Contract data 2018 2019 2020 Costs incurred during the year Estimated costs to complete 139,830 $ 255,170 196,926 $ 98.244 62,244 Billings during year 95,000 199,500 180,500 Collections during year 87,500 197,500 190,000 Estimated profit on contract ? Print Done Bal Bal Bal Bal Ball Ball Definition 1 = Incur costs 2 = Bill clients 3 = Receive cash 4 Revenue & expense recognition 5=Close the accounts at the end of the contract Print Done