Q5. 8 Marks Q5. On January 1, 2020, assume that Walmart Inc. agreed to construct an observatory for Software companies for $4,000,000 million. The costs are estimated as follows: Year 1, $1,200,000; Year 2, $1,800,000; Year 3, $600,000. Assuming that the contractor bases the degree of completion on the percentage of total costs incurred to date and that it incurs actual costs as anticipated, revenues and expenses from the contract (8 Marks). Required: 1) Indicate the amount and nature of the expected gross margin from the contract in 2020 (3 Mark) 2) Indicate the percentage the degree of completion () in each year (2 Mark) 3) Describe how the Walmart Inc. should determine the amount of revenue to recognize at the date of sale and subsequent to the date of sale (3 Marks). e OM