Number 2 Please Thanks

Question 2 (14 marks) A company starts the construction of office buildings in March 2020. The construction will take 4 years to complete, for a total contract price of $25,000,000. 2020 2021 2022 2023 Costs during the $3,400,000 $7,000,000 $10,000,000 $4,500,000 year Estimated costs 14,600,000 $9,600,000 $6,000,000 0 to complete Billings $4,000,000 $8,000,000 $9,000,000 $4,000,000 Required- 1) Assuming the company uses the percentage of completion method based on input, calculate and record the revenue and profit for each year. 2) Determine how this contract will be presented in the balance sheets of 2020, 2021 and 2022 (current asset or current liability and how much)