please make it clear as possible as this is my final check. thank you!

Lily Network Consultants, Incorporated uses the percentage-of-completion method to account for its long-term contracts. It uses the cost-to-cost approach to measure progress. During the current year, Lily signed a contract to develop a computer network for an international accounting firm. Information related to the contract is presented below. Click the icon to view the contract information.) Det 70 % Requirement a. Compute the percentage-of-completion for each year. (Round the percentages to the nearest hundredth percent, X.XX%) 2022 2023 2024 Cumulative percent complete 32 % 100 % Requirement b. Compute the gross profit and revenue to be recognized each year of the contract. Begin by computing the gross profit recognized each year of the contract. (Enter "O" for any zero amounts. Enter the percentages to the nearest hundredth percent, X.XX% Use parentheses or a minus sign for a loss.) Gross profit recognition 2022 2023 2024 Contract price $ 640,000 $ 640,000 $ 640,000 32 70 Cumulative percentage complete % % Cumulative revenue 100% Contract price $ 640,000 2022 2023 2024 90,000 448,000 538,000 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year $ 185,600 $ 262,400 $ 0 185,600 185,600 448,000 394,400 192,000 580,000 640,000 290,000 320,000 230,000 310,000 0 538,000 30,000 100,000 Requirement b. Compute the gross profit and revenue to be recognized each year of the contract, Begin by computing the gross profit recognized each year of the contract. (Enter "O" for any zero amounts. Enter the percentages to the nearest hundredth percent, X.XX%. Use parentheses or a minus sign for a loss.) Gross profit recognition 2022 2023 2024 Contract price $ 640,000 $ 640,000 $ 640,000 32 70 Cumulative percentage complete % % Cumulative revenue Revenue recognized in prior years Current year revenue % 100% Less: Actual costs Gross profit (loss) recognized in the current year