need proper entries with correct answer

Arab Construction Company has entered a contract with University of Bahrain beginning January 1,2018, to construct medical college building. It has been estimated that the costs of the building to be $8 million and the contract price will be $12million. It will take 3 years to construct the building. The company uses cost recovery method. If the following data pertain to the building during the construction period. Kequirements: Required 1: Compute the gross profit or loss recognized in the years 2018, 2019 and 2020. Required 2: Assume the same data for the medical college contract except that the estimated cost in 2019 was $4,500,000 instead of $2,250,000 and the cost to date in 2020 was $11,250,000 instead of $9,000,000. A. Compute the gross profit or loss recognized in 2019. B. Provide explanation for you answer? Required 3: Assume the same data for the medical college contract except that the estimated cost in 2019 was $6,750,000 instead of $2,250,000 ard the cost to date in 2020 was $13,500,000 instead of $9,000,000. A. Compute the gross profit or loss recognized in 2018 and 2019. B. Prepare the journal entry to recogaize the loss (if any) in 2019 For the toolbar, press ALT+F10 (PG) or ALT+FN+F10(Mac)