1. On February 1, 2012, Blueprint Contractors agreed to construct a building at a contract price of $4,400,000. Blueprint estimated the project would be finished in 2014. Blueprint uses the percentage of completion method to account for the project. Information relating to the costs and billings for this contract is as follows:

201220132014

Costs incurred in theyear$1,500,000$1,250,000$1,500,000

Estimated costs tocomplete2,500,0001,800,000-0-

Customer billings in theyear2,200,0001,000,0001,200,000

Collections in theyear2,000,0001,000,0001,400,000

(1)How much revenue and expense should Blueprint recognize in 2012, 2013, and 2014 respectively?Show your work below and enter your answer in the next question.Round percentage of completion to 0.1%and then calculate the subsequent numbers.

(2)Provide the year-end journal entry made by Blueprint in 2013 to record revenue on the long-term contract.

(3) As of December 31, 2013 after appropriate adjusting journal entry, what is the appropriate balance in the Construction in Progress account?

will you please explaine the steps too, thank you