On March 1. 2010. Manama Construction Company started to construct a latb building for University of Bahrain for a total contract price of $ 4.200,000. The lab building was to be completed by October 31 incurred, estimated costs to comple collections for 2010, 2011, and 2012 are given below. , 2012. The annual contract costs te the contract, billings to UOB and 2010 2011 2012 Costs incurred to date $1,440.000 l $2.240,00$3,200,000 1,760,000 960,000 Estimated costs to complete the contract Billings to UOB to date Cash collected to date 1,600,000 3,350,000 4,200,000 1,000,0001-2750,0001 3250,000 If the Manama Company applies the percentage of completion method; 1- Compute the amount of gross profit or loss to be recognized each year. 2- Prepare all the necessary journal entries for 2010 to record: (a) costs incurred, (b) billings. (c) collections and (d) revenue and gross profit or loss recognized 3- Prepare the journal entry to record the completion of the contract in 2012. 4- Prepare partial balance sheet at December 31, 2011? 1. Gross Profit or Loss Recognized (6 points) 2010 2011 2012