PROBLEM 1 -Revenue Recognition (40 Points) Part 1 - Revenue from Long-term Contracts (20 points) In 2018, Elf Constructio County for $10,000. follows n Company entered into a contract to construct a tower for North Pole The tower was completed in 2020. Information related to the contract is as 2018 2019 2020 13,000 0 4,000 $ Construction costs incurred during the year Construction costs incurred in prior years Cumulative actual construction costs 3,000 7,000 3,200 7,000 10,100 0 3,000 5,000 Estimated costs to complete 8,000 Total estimated and actual construction costs$ Billings made during the year Cash collections during the year $ 3,000 4,000 $ 3,000 $ 2,000 4,000 4,000 REQUIRED Calculate the Revenue on Long-term Contracts, Costs of Construction and Gross Profit (Loss) to be reported each year for each of the following accounting methods: Completed Contract Percentage of Completion 1. 2. Present your answers in the tables on each page. Space is provided for your calculations