Please provide solution explanations

On May 1, 2023, Grogu Construction agreed to build a machine for Mandalorian Enterprises at an agreed upon price of $8,000,000. Grogu estimated total construction costs would be $6,000,000 and the project would be finished in 2025 . Information relating to the actual costs and billings for this contract are as follows: Instructions If the project progressed as above, fill in the correct amounts on the following schedule. For percentageof-completion accounting, show the gross profit that should be recorded for 2023, 2024, and 2025. Prepare the necessary adjusting journal entry only for 2023 Prepare the necessary adjusting journal entry only for 2024 Change in Estimates In 2024, a law change required this type of machine to install a pollution control device before it can be used. Because of the new regulation, an additional $1,540,000 will be added and thus the estimated costs to complete are now $2,772,000 (instead of the previous estimate of $1,232,000 ), how much Gross Profit/Loss should be recognized in 2024? (No journal entries necessary.)