please answer this as soon as possible it's for 19 marks answer in detail

answer all 5 points please within 30mins

question will save this response. Question 7 19 points Saye Armaver On June 1, 2019, Al-Bader Construction Company contracted to construct a building for Nass Company, for a total contract price of $12.600.000. The project was to be completed by October 31, 2021. The annual costs incurred, estimated costs to complete the contract, billings to Nass and collections for 2019, 2020, and 2021 are given below. 2019 Costs incurred to date $4,320,000 2020 $7,665,000 3,285,000 2021 $10,950,000 -0- Estimated costs to complete 5,280,000 Billings to date 4,800,000 10,050,000 12,600,000 Collections to date 3,000,000 8,250,000 9,750,000 Instructions: If Al-Bader Company uses the percentage-of-completion method; 1. Compute the amount of gross profit or loss to be recognized each year. 2. Prepare all necessary journal entries for 2020. 3. Prepare the journal entry to record the completion of the contract in 2021. 4. Prepare partial statement of financial position at December 31, 2019. 5. If Al-Bader Company uses the cost-recovery method, prepare the necessary journal entry to recognize any gross profit in 2021. Question 7 of 8