Save A 5 points American Construction Company has entered into a contract with American University in Cairo beginning January 1, 2017, to construct Digital Library Building It has been estimated that the costs of the building to be $2,100,000 and the contract price will be $1,265,000 It will take 3 years to construct the building. The company uses cost recovery method If the following data pertain to the building during the construction period Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2018 2017 $945,000 $1,575,000 2019 $2,135,000 1,155,000 900,000 525,000 1,970,000 -0- 3,265,000 800,000 1,750,000 3,265,000 Requirements: Required 1 Compute the gross profit or loss recognized in the years 2018, 2019 and 2020. Required 2 Assume the same data for the digital library contract except that the estimated cost in 2018 was $1,050,000 instead of $525,000. A Compute the gross profit or loss recognized in 2018 B. Provide explanation for you answer? Required 3: Assume the same data for the digital library contract except that the estimated cost in 2018 was $2,100,000 instead of $525,000 and the coat to date in 2019 was 53,675,000 instead of $2,135,000 A. Compute the gross profit or loss recognized in 2017 and 2018 11. Prepare the journal entry to recognize the loss (if any) in 2018 For the foobar press ALT+F10 (PC) or ALT+F10 (M