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2. The Orlando Company is involved in a three-year long-term contract. The company uses the percentage-of-completion method to account for revenues from the contract. The following data relate to this contract: Required ( 28 points): 1. Calculate the percentage of completion, construction revenues, construction expenses, and gross profit (loss) for 2021, 2022, and 2023. 2. Prepare the journal entries to reflect the percentage-of-completion method for 2021 only. 3. Determine how to report the net amount of construction in progress inventory on the Balance Sheet as of 12/31/2021 only. 2. The Orlando Company is involved in a three-year long-term contract. The company uses the percentage-of-completion method to account for revenues from the contract. The following data relate to this contract: Required ( 28 points): 1. Calculate the percentage of completion, construction revenues, construction expenses, and gross profit (loss) for 2021, 2022, and 2023. 2. Prepare the journal entries to reflect the percentage-of-completion method for 2021 only. 3. Determine how to report the net amount of construction in progress inventory on the Balance Sheet as of 12/31/2021 only