Q4. Ibri, Inc. began work on a OMR 7,000,000 contract in 2010 to construct an office building. During 2010, Turner, Inc. incurred costs of OMR 1,700,000, billed its customers for OMR 1,200,000, and collected OMR 960,000. At December 31, 2010, the estimated future costs to complete the project total OMR 3,300,000. Required: Prepare Ibri's 2010 journal entries using the Cost Recovery (Zero Profit) Method. What theoretical justification is there for Ibri's use of Cost Recovery (Zero Profit) Method