pleaseplease explain calculations

The board of directors of Ayayai Construction Company is meeting to choose between the completed-contract method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Ayayai's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Ayayai commenced doing business on January 1, 2021. Construction activities for the year ended December 31, 2021, were as follows: 2. Contract Costs Incurred Through 12/31/21 Project Total Contract Price $ 492,000 713,000 Billings Through 12/31/21 $ 330,000 Cash Collections Through 12/31/21 $ 302,000 209,000 Estimated Additional Costs to Complete Contracts $ 94,000 $ 423,000 A B 209,000 190,500 444,500 C 475,000 466,000 348,000 -O- 381,000 61,500 D 200,000 93,000 119,000 88,000 E 442,000 396,000 396,000 314,000 78,500 $ 2,322,000 $ 1,494,000 $ 1,349,500 $ 1,394,500 $ 705,000 3. Each contract is with a different customer. Any work remaining to be done on the contracts is expected to be completed in 2022. 4. Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2021, which would be reported under: (1) The completed-contract method. $ $ 95000 (2) The percentage-of-completion method (based on estimated costs). $ 39600 Prepare the general journal entry to record revenue and gross profit on project B (second project) for 2021, assuming that the percentage-of-completion method is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Construction in Process 23400 Construction Expenses 190500 Revenue from Long-Term Contracts 213900 Indicate the balances that would appear in the balance sheet at December 31, 2021 for the following accounts for Project D (fourth project), assuming that the percentage-of-completion method is used. Accounts Receivable $ 16500 Billings on Construction in Process $ 78000 Construction in Process $ 112000