REQUIRED:

a$)$ Using percentage$-$of$-$completion method, prepare schedules to compute the profit and loss to be recognized as a result of this contract for the year ended September $30,2021,2022$ and $2023.$

b$)$ Using cost recovery method, prepare schedules to compute the profit and loss to be recognized as a result of this contract for the year ended September $30,2021,2022$ and $2023.$

c$)$ Prepare a complete set of journal entries for $2022($using the percentage$-$of$-$completion method$).$