Question 3 (5 points) Early in 2019, Forest Ltd. signed a contract to construct a warehouse. Forest's management estimated the gross profit on the contract to be $740,000, as indicated by the following: Contract price $3.500.000 Estimated costs 2.760.000 Estimated gross profit $740,000 At the end of 2019, the status of the work on the contract was as follows: Costs incurred to date Estimated costs to complete $1,350,000 1,650,000 Required: 1. How much revenue can be recognized on this contract for 2019, assuming that Forest uses the percentage-of-completion basis for long-term construction contracts (round to nearest dollar)? 2. Prepare all of the entries for 2019. e to search o @