Question 2A (20 marks) Roberts Construction contracted to build housing in the Paynters area at a price of $28,000,000. Construction began in 2020 and is expected to be completed in 2023. Data for 2020 and 2021 follows: Costs incurres to date Estumted costs to complete 2020 2021 $3,600,000 $10,400,000 14,400,000- 9,600,000 3,000,000 5,000,000 2,000,000 4,000,000 Progress billings Cash collected Roberts Construction uses the percentage-of-completion method. Required i) Calculate the revenue and gross profit to be reported for 2021. (7 marks) 111) ii) Prepare all the necessary journal entries to record the above transaction for 2020 and 2021. (8 marks) How much would be recorded as revenue and gross profit for 2020 and 2021 if the cost recovery method were used instead of the percentage-of-completion method? (3 marks) iv) Briefly explain when the use of the percentage-of-completion method of accounting for long-term contracts is preferred over the cost-recovery method. (2 marks)