Requirement 3 (a) For the illustrative Contracts X and Y described in the case, compute the percentage of completion, construction revenues, expenses, and gross profit (or loss) for each year, and balances in the construction in progress (net of partial billings and provision for loss, if any) and accounts receivable in the balance sheet at the end of each year. You should present the numbers according to (1) how you think Toshiba accounted for these contracts, and (2) how Toshiba should have recorded the contracts to comply with U.S. GAAP. Present your answers using the format provided by Table 1 (Panel A for Contract X, and Panel B for Contract Y).18 All the amounts should be in millions of yen (). (Hint: It might be helpful to prepare journal entries for each contract separately before completing the table.) (b) For Contract Y, calculate the loss, if any, that Toshiba should record at the inception of the contract to be compliant with U.S. GAAP. Explain your rationale and cite authoritative pronouncements. (c) For Contract Y, do you agree with the rationale of Toshibas management to not change the original cost estimate? Is Toshibas accounting treatment consistent with the provisions of U.S. GAAP? Cite authoritative pronouncements