need Help

General and administrative expenses for 2015 and 2016 were $60,000 Tor each year and are to be recorded as a period cost. Instructions: Calculate the income for 2015 and 2016 that should be reported for financial statement purposes. Calculate the income for 2016 to be reoo-tec on a completed-contrart basis. Construction Accounting The Rushing Construction Company obtained a construction contract to build a highway and bridge over the Snake River. it was estimated at the beginning of the contract that it Would take three years to complete the project at an expected cost of $50,000,000. The contract price was $60,000,000. The project actually took four years, being accepted as completed late in 2016.The following information describe the status of the job at the close of production each year. Instructions: What is the revenue, cost, and gross profit recognized for each of the years 2013-2017 under the percentage of-completion method and the completed-contract method? Give the journal entries for each year assuming that the percentage of completion method is used. (Note: Round percentage to nearest whole percent for percentage completed.)