Part IV work out Direction: question 26-30 are answer based on the following data Given: A contractor signed an agreemert to construct a dan that requires four years To complete for a contract price of Birr 100,000,000. The contractor collected 15% of the contract price in advance. The cost to be incurred to complete the dam is estimated to Birr 80,000,000. 26. If the receipt of payment method of recognizing revenue is used, what entry is passed by contractor at the time of contract. 27. If the point of sale method is assumed, what is the revenue recognized at the time of sale? 28. Assuming the dam is completed to the exact of 2/5, at the end of the second what is the revenue of to be recognize on the bases of contact completion method? 29. At the end of the contract period, the operating expense incurred in constriction process total Birr 98,00,000. What is the net earning for the whole construction period? 30. Assuming that at the end of the fourth year1/8 of the construction remain incomplete. What is the total revenue earned thought out the four years