need proper entries with correct answer

American Construction Company has entered into a contract with American University in Cairo beginning January 1, 2017, to construct Digital Library Building. It has been estimated that the costs of the building to be $4,200,000 and the contract price will be $6,530,000. It will take 3 years to construct the building. The company uses percentage of completion method. If the following data pertain to the building during the construction period. Requirements: Required 1: Compute the revenue and gross profit or loss recognized in the years 2017, 2018 and 2019. Required 2: Prepare all necessary journal entries for the year 2018: Required 3: The effect of this contract on the balance sheet on December 31, 2018. Required 4: Assume the same data for the digital library contract except that the estimated cost in 2018 was $2,100,000 instead of $1,050,000. Compute the gross profit or loss recognized in 2018, and the balance of construction in process account on December 13 , 2018. For the tooltar, press ALT+F10 (PQ) or ALT+FN+F10 (Mac)