Question 1 (16 marks) Sheds Galore entered into a $70,000 contract to build a special shed for Tools and Stuff Inc. Sheds Galore has determined that the performance obligation would be settlled over time and uses the cost to cost input method to measure progress. Sheds Galore follows IFRS. Details of the construction of the shed are below: I 2018 2019 2020 Total Costs Incurred for the Entire Project 20,000 45,000 75,000 Estimated Costs to Complete the Project 40,000 22,000 0 Billings During the Year 15,000 23,000 32,000 Collections During the Year 13,000 24,000 33,000 Required Prepare journal entries for 2018, 2019, and 2020 to record the transactions above and to record the revenue and profit or loss recognized for each year. Show all your calculations and round all percentages to 1 decimal place (eg 20.1%) and all journal entries to the nearest dollar. ENG