Question 2 (14 marks) (25 minutes) During 2015, the Ibti Construction Company obtained a $15 million contract to build a bridge. The costs incurred, estimated costs to complete and the billings made on the contract for the period 2015 - 2017 are as follows: 2015 2016 2017 Costs incurred during the year Expected costs to complete $3,000,000 9,000,000 7,500,000 $5,000,000 6,000,000 $6,500,000 1,500,000 Billings Ibti uses the percentage of completion method. Costs incurred relative to total project costs are used to measure the percentage of completion at the end of the year. Required - For each of the years 2015, 2016 and 2017, calculate the following: revenues realized, costs realized, profit or loss realized, and how the project will be presented on Ibti's Statement of Financial Position at the end of each year (asset or liability and for what amount)