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Stockholm Construction Company has contracted to build an office building. The construction began on January 1, 20X4 and the estimated date of completion is July 1, 20X7. The building cost is estimated to be $55,000,000 and the contract price is $68,000,000. The attached data related to the construction period is available. Using the attached form, compute the estimated gross profit for the company for 20X4, 20X5, 20X6, and 20X7, assuming the company uses the percentage of completion method to account for this project. Round your calculation for the percentage of completion to five decimal places and the dollar amounts for your calculations to the nearest whole dollar. REQUIRED: (1) (2) Using the attached forms, prepare the general journal entries for the company, in proper form, for the years 20X6 and 20X7. Provide a brief explanation for each entry made.