Q2. Boeing commenced a $25 million contract on January 1, 2020, to construct an aircraft. The company expects the project will take three years to complete. The total estimated costs for the project are $20 million. Assume the following estimated data for the completion of this project at its commencement: 2021 12,000,000 8,050,000 2022 20,100,000 2020 Costs to date 5,000,000 Estimated costs to 15,000,000 complete the contract Progress billings during 4,000,000 7,500,000 13,500,000 the year Cash collected during 4,200,000 6,800,000 14,000,000 the year In 2021, due to a worldwide raw material shortage, the expected costs to complete the project rise from $8,050,000 to $18,000,000. However, in 2022, it turns out that the drastic rise in prices was only temporary, and the final tally of costs at the end of the project is $26,500,000. Required: a. Calculate the amount of gross profit to be recognized each year using the percentage of-completion method. b. Prepare all the required journal entries for 2020 c. Calculate the amount of any contract assets or liabilities (if any) at the end of 2020 [20 marks]