Question KS) Sheds Galore entered into a $70,000 contract to build a special shed for Tools and Stuff Inc. Sheds C has determined that the performance obligation would be settlled over time and uses the cost to cost method to measure progress. Sheds Galore follows IFRS. Details of the construction of the shed are below: Total Costs Incurred for the Entire Project Estimated Costs to Complete the Project Billings During the Year Collections During the Year Year 1 20,000 40,000 15,000 13,000 Year 2 45,000 22,000 23,000 24,000 Year 3 75, 32,C 33,0 Required Prepare journal entries for Year 1, Year 2, and Year 3 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.