Solve this accounting problem for the ABC grocery company relating to revenue and expense recognition as per GAAP: ABC Corporation uses the percentage-of-completion method of accounting. In 2010, ABC entered into a contract for a contract price of $2,000,000. 2010 Costs incurred during the year 600,000 Estimated costs to complete as of Dec 31 900,000 Billings during the year 400,000 Collections during the year 300,000 1. What portion of the total contract price is recognized as revenue in 2010? 2. What is the profit recognized for 2010? 3. Prepare the journal entries for 2010 under the percentage completion method