Problem 2 The Hindenburg Corporation (SC) signed a $6 million contract in 20x1 to build an office tower. Data on the contract is as follows: 20x1 20x2 20x3 20x4 Costs incurred during year $1,600,090 1,500,000 1,400,000 800,000 Expected costs to complete 3,400,000 1,700,000 900,000 Billings 2,500,000 3,500,000 Required - For each of the parts below, prepare the 'mini' income statement for the project for each year and calculate the net investment of the project that will be shown on the balance sheet at the end of each year. a. SC uses an input based approach to calculating the percentage of completion. b. SC uses an output based approach to calculating the percentage of completion and has calculated the percentages of completion as follows: 20x1 - 30% 20x2 - 60% 20x3 - 85% 20x4 - 100%