Pinacle High$-$Rise Construction Company was hired by Fox Investments Inc. to build a $20-$story

is apartment building under a fixed$-$price contract. Construction began in the $2022$ year. Information

pertaining to the costs and billings for this contract follows:

Fixed contract price

Pinacle High$-$Rise Construction Company follows ASPE and uses the percentage of completion

method to account for the construction project.

Required:

Calculate Pinacle High$-$Rise Construction Company's gross profit for each year of the

project. Round all calculations to $2$ decimal places $(3$ marks$).$

Prepare Pinacle High$-$Rise Construction Company's journal entries for the project for the

$2023$ year $(3$ marks$).$