Stanford Company has contracted to build for the City of New London a new courthouse.The estimated cost of the project is $6,000,000, and the contract price is $9,000,000.The courthouse took three years to complete:

2018 2019 2020

Costs to date $1,500,000 $4,000,000 $6,200,000

Cost to complete $4,500,000 $2,200,000 $0

Amounts billed to date$1,400,000 $5,800,000 $9,000,000

Amounts collected to date

$1,300,000 $4,300,000 $9,000,000

help me determine the gross profit to be recognized for

2018 2019 2020

show me how to record all journal entries necessary for 2018 below:

Dr. Cr.

Assume that Stanford uses the completed contract method. Help me determine the amount of revenue and expense to be recognized in:

2018 2019 2020

Revenue

Expense