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Question 2 On March 1, 2010, Lancelot Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,300,000 and will take 3 years to complete. The contract price was $3,100,000. The following information pertains to the construction period: 2010 2011 2012 Costs to Date $700,000 $2,000,000 $2,500,000 Estimated costs to complete 1,300,000 1,100,000 0 Yearly Progress billings 500,000 1,200,000 1,400,000 Yearly Cash collected 890,000 1,100,000 600,000 Required: (Round percentages to exclude decimal points and round dollar amounts to exclude cents) Assuming the percentage-of-completion revenue recognition method is used. (a) Compute the amount of revenue and gross profit to be recognized each year (b) Prepare all necessary journal entries for 2010, 2011 and 2012. Question 3 Summarize the new Revenue Recognition Standard recently issued by FASB