PART I After passing the accreditation for the practice of engineering, Razul Burahan, decided to practice his profession. On January 1, 2019, he created a business named 'RB Engineering and Consultancy'. The business has a year-end of December 31. Razul Burahan RB Engineering and Consultancy During 2019, the following transactions were occurred. 2019 a) On January 1, Razul invested $72,000 cash and equipment valued at $130,000 into the business. 72000 130000 b) On January 1, RB Engineering and Consultancy signs a contract to build a hotel. The construction is scheduled to begin on January 5, 2019 and is estimated to take four years to complete. The business expects that its total cost for this project would be $128 million and charges its client $140 million in total. Received $21 million cash advance from client upon signing the contract. Based on the given actual costs incurred, complete the following table showing the percentage of completion, revenue recognized and gross profit for each year. Assume RB Engineering and Consultancy uses the percentage-of-completion method for revenue recognition. 140 Year Costs Incurred* 2019 $16 2020 $34 2021 $30 2022 $48 Total $128 *The numbers are in million dollars. Percentage of Completion Revenue Recognized* Gross Profit* c) On January 15, rendered consultancy service to Confex Co. amounting to $14,500 on account. On February 1, Confex Co. is having cash flow 1