Sonia Inc. entered into a contract with Lala Inc, on July 1 2018 to construct an office building. The total contract price for construction of the building is $400,000. The building was completed on December 31, 2020. Sonia's fiscal year end Is December 31, Below is related information of Sonia Inc. regarding this construction O 217,000 2018 2019 2020 Actual cost incurred $35,000 $215.000 $175.000 during the year Estimated costs to 315.000 170,000 complete Billings to Lola loc to 72,000 400,000 date Please answer each of the following questions and clearly label which question you are answering. You can prepare it in Word, in Excel or handwrite . Once completed, upload the completed Word or Excel document or a picture of the handwritten work (22 points) Please use the percentage of completion method for items 1.5. 1. Prepare joumal entries for the actual construction.costs incurred and billings made in 2018. (4 points) 2. Calculate the amount of revenue and gross profitot loss to be recognized in 2018. Please show supporting calculations (5 points) 3. Prepare the adjusting joumal entry for 2018 to record revenue recognition and gross proftross (3 points) 4. Prepare a portial balance sheet for 2018 relating to the contract. You do NOT need to include Cash and Accounts. Receivable in your answer. Be sure to indicate whether on tema an asset or ability. Please show supporting calculations points) 5. Calculate the amount of revenue and gross ocolito loss to be recognized in 2019. Please show supporting calculations. If needed, round the percentage calculation to the fourt decimal(e.g. 22.36%) and round the dollar amount to the whole dollar. (5 points) Please use the completed contract method for item 6. 6. Using the completed contract method, how much revenue would be recognized in 2018? (2 points