Question 2 (23) When is revenue recognized in the following situations i Revenue from selling products? Revenue from services rendered? Il Revenue from permitting others to use enterprise assets! b. In 2017, Gurney Construction Company agreed to construct an apartment building at a price of S1,350.000. The information relating to the costs and billings for this contract is shown below. 2017 2018 2019 Costs incurred to date S280.000 $650,000 $850,000 Fatimated costs yet to he incurred $70,000 250,000 0 Customer billings to date 200.000 600,000 1,350,000 Collection of hillings to date 170,000 380,000 1040,000 Requirements Assuming that the percentage-of-completion method is used. (1) compute the amount of gross profit to be recognized in 2017 and 2018, and (2) prepare journal entries for 2018 For 2018, show how the details related to this construction contract would be disclosed on the balance sheet and on the income statement