Rookie Construction Limited (RCL) entered into a contract to construct a building for $975.000 The contract provided for progress payments. RCL's accounting year ends December 31. Work began under the contract on August 1, 2020, and was completed on October 31, 2022. RCL uses the percentage-of- completion method to account for this long-term contract. Construction activities are summarized below: Construction costs incurred to date Estimated remaining costs to complete Progress Billings to date Cash Collections during the year 2020 $180,000 630,000 153,000 140,000 2021 $630.000 190.000 535,500 229.000 2022 $825.000 0 975,000 960,000 Required: (Percentage calculations should be taken to 2 decimal places [i.e. 12.34%). Round calculations to the nearest whole dollar.) 1. Prepare the journal entries that should be recorded for 2021. Assume that all of the 2020 journal entries have been properly recorded. 2. What should be the balance of Accounts Receivable at December 31, 2021? 3. If the estimated remaining costs to complete were $805,000, instead of $630,000, as of December 31, 2020, answer the following questions: a. How much revenue should be reported by RCL for 2020? b. How much income (loss) before income taxes should be reported by RCL for 2020