Revenue Recognition Percentage Complete: Cost Basis, Test #1 The City of Denver, Colorado contracted with Wenwegetoit Construction to build a ship dock for a deep-sea port in Denver. The project is expected to take three years to complete. ($ millions) $ 25.00 Expected Revenue (contract amount in millions of dollars) $ millions) Project Started 20X1 20X2 18.00 $ 20.00 $ 8.00 $ 9.50 $ 9.00 $ 10.00 $ 8.50 $ 9.50 $ Estimated Total Cost (per Engineering) Actual Cost (each year only) Progress Billings (each year only) Cash Received (each year only) Project Finished 20X3 20.50 3.00 6.00 7.00 $ $ $ Prepare all journal entries required to account for the project? Round all percentages and dollars to two decimal places