Question No: 02 Abu Dhabi Building Company (ADBC) agreed to construct a building complex in Al Ain at a price of AED 16,500,000. The time horizon for the contract is projected to be 4 years (2020- 2023). The information relating to the costs and billings for the signed contract is shown in the table below: 2020 2021 2022 2023 Cost incurred to date 4,000,000 7,000,000 9,500,000 13,500,000 Estimated cost to be incurred 9,200,000 6,200,000 3,700,000 0 Billings to date 2,500,000 5,000,000 7,000,000 16,500,000 Collection billing to date 2,500,000 4,000,000 5,000,000 12,000,000 Required: a. Assuming that the ADBC will use the percentage-of- completion method, prepare a schedule to compute the amount of the gross profit to be recognized in 2020, 2021, 2022 and 2023. b. What would be the case if the ADBC will use the completed method. c. Show the implication of the contract under the percentage-of- completion method on the balance sheet components and the cashflow statement. d. Journalize the relevant transactions