PROBLEM 1 (17 Marks) Aylmer Inc signed a 3-year contract to construct a new school on January 1, Y3 for $28,092,775 Construction began in Y3. Aylmer has a December 31 year end. Data relating to the construction project is below: \begin{tabular}{|l|l|l|l|} \hline & \multicolumn{1}{|c|}{ Y3 } & \multicolumn{1}{c|}{ Y4 } & \multicolumn{1}{c|}{ Y5 } \\ \hline Costs to date & 3,371,133 & 7,865,977 & 13,484,532 \\ \hline Estimated costs to complete & 14,608,243 & 4,494,844 & 0 \\ \hline Progress billings during the period & 10,113,399 & 16,855,665 & 1,123,711 \\ \hline Cash receipts during the period & 8,989,688 & 15,731,954 & 3,371,133 \\ \hline \end{tabular} REQUIRED 1. Prepare ALL the appropriate journal entries for Y3 assuming Aylmer uses the percentage-of-completion method. 2. For Y3, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method. 3. For Y3, under the percentage-of-completion method, what is the balance in accounts receivable? 4. For Y4, under the percentage-of-completion method, how much revenue should be recognized