Excel Essan Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.8 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025. The following data pertain to the construction period. 2023 2024 2025 Costs to date $ 800,000 $1,800,000 $2,350,000 Estimated costs to complete 1,700,000 600,000 -0- Progress billings to date (non-refundable) 850,000 2,300,000 2,800,000 Cash collected to date 700,000 2,200,000 2,800,000 Instructions a. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. Round the percent complete to the nearest whole percentage point. b. Prepare the journal entries for 2023 and 2024. c. What is the balance in the Contract Asset/Liability account at December 31, 2023 and 2024? d. Show how the construction contract would be reported on the statement of financial position (SFP) and the income statement for the year ended December 31, 2024. e. Using the zero-profit method, repeat part (a). f. Using the zero-profit method, repeat part (b). g. Using the zero-profit method, repeat part (c). h. Using the zero-profit method, repeat part (d). i. Prepare a table comparing the gross profit recognized in each of the three years under (1) the percentage-of-completion method, (2) the zero-profit method, and (3) the completed-contract method. .