On January 1, 2019 BigBuild Construction Company received a contract for $20 million to build a manufacturing plant for RealToys Corp. at RealToys' site. The project is expected to be completed in three years. BigBuild will bill the customer in installments over the contract period according to a schedule established in the contract. Information related to the contract at the end of 2019 is presented below: Construction costs incurred during 2019..... $4,000,000 Estimated costs to be incurred in 2020 and 2021 to complete the plant 12,000,000 Billings during 2019.. 4,200,000 Amounts to be billed in 2020 and 2021... 15,800,000 Collections of contract billings during 2019 ... 3,950,000 Information available on the contract at the end of 2020 is presented next: Construction costs incurred during 2020..... Estimated costs to be incurred in 2021 to complete the plant ........ Billings during 2020 ........ Amounts to be billed in 2021 .. Collections of contract billings during 2020 .......... $6,000,000 8,000,000 8,000,000 7,800,000 7,900,000 Information on the contract at the end of 2021 is presented next. The contract has been completed and approved. Construction costs incurred during 2021..... Billings during 2021 ..... Collections of contract billings during 2021 $7,800,000 7,800,000 8,000,000 SHOW ALL YOUR WORK OR NO CREDIT WILL BE AWARDED. REQUIREMENT 1--Assume that BigBuild must use the percentage of completion method to account for this contract. Prepare an easy-to-follow schedule computing the gross profit that BigBuild should recognize on the contract for each year. REQUIREMENT 2--Prepare journal entries to record the effects of this information from the beginning of the contract through its completion. REQUIREMENT 3--Explain or demonstrate how BigBuild Construction Company must report its construction-related accounts each year. Include all accounts from your journal entries in Requirement 2 except cash. December 31 is the fiscal year end