Requirements: A. Assume the contract qualifies for recognizing revenue over time (percentage of completion method) 1. Prepare a table to determine the amount of construction revenue, construction costs, and gross profit/loss to be recognized in each of the three years. Round the percentage complete to 2 decimal places. 2. Prepare the necessary journal entries for each of the three years to account for construction costs, construction revenues, contract billings, and cash collections. Also close the construction accounts in 2023. 3. Prepare a partial balance sheet for 2021 . B. Assume the contract does not qualify for recognizing revenue over time (completed contract method) and repeat steps 1,2 , and 3 above