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Please show ALL work and provide accurate answers. Thank You! In 2015 The Big Boss Construction Company, started a 3 year project at a fixed

Please show ALL work and provide accurate answers. Thank You!

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In 2015 The Big Boss Construction Company, started a 3 year project at a fixed contract price o $22,000,000. The estinated construction costs were $15,500,000. The project was completed on time during the 2017 year. The following infornation is available for the three year period of the constzuction project 2016 $6,188,000 12,360, C00 $15, 875, 000 3, 90,000 6,400,000 18,890,000 22,000,000 17,110,000 2015 2017 Costs Incurred to Date Estimated Costs to ConpLete 9,282, COO Billings to Date C llecons to Date 5,100 , 00 21,630,000 Required 1. Compute the amount of gross profit to be recognized for each of the three years using the percentage of completion. 2. Prepare all necessary journal entries for the 2015, 2016, and 2017 years using the percentage of completion method. 3. Compute gross profit to be recognized for the three years of 2015, 2016, and 2017 using the completed contract method. 4. For each of the three years of 2015, 2016, and 2017: a. Prepare the Income Statement section for Big Boss Construction reporting percentage of completion information b. Prepare the Balance Sheet section for Big Boss Constriction reporting percentage of completion information

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