sestion IV- Rexna Resognition (24 points for uses the percentage-of-completion method of acoounting Daring 2017, Rapid started work on a $1,620,000 constraction contract, which it plans to complete in 2019. The following information was taken from Rapid Construction Costs incured to date Estimated costs to complete Total estimated costs at year-end Billings to date $1.0 0,000 570,000 301.000 to date 807 entry to record revense, expense and gross profit (loss) that Rapid will recognize on this contract for the year ended 12/31/17 using the percentage a) Prepare the journal reeord enstruction b) Prepare the December 31, 2017 balance sheet disclosure of construction in process and related billings. Construction Accounting (continc e Prepare the joureal entry to record revenue, expense and grs profis es) that Rapid Construction will recognize on this contract for the year ended 12/31/18 using the pereestage d) Prepare the journal entry to record revenue, expense and gross profit (loss) that Rapid Construction will reeognize on this contract for the year ended 12/31/19 using the percentage of-completion method. Compute the amount of gross profit to be recognized each year, assuming Rapid Construction uses the completed-contract method. e) 2017 2018 2019 Gross Profit -19