Star Construction Corp. has a contract to construct a building for $10,950,000. The building is controlled by the customer throughout the term of the contract. Total costs to complete the building were originally estimated at $8,850,000. Construction commenced on 4 February 20X5. Actual costs were in line with estimated costs for 2005 and 20x6. In 20X7, actual costs exceeded estimated costs by $150,000 Total construction costs incurred in each year were as follows: 20x5 20X6 20x7 $2,700,000 $4,500,000 $1,800,000 Billings each year were as follows: 20X5 2006 20x7 $2,300,000 $4,900,000 $3,750,000 Required: 1. Calculate the revenues and gross profit for the construction project for each of the three years assuming the company uses inputs to measure progress. (Round intermediate calculations to 2 decimal places. Round final answers to nearest whole dollars.) Year 20x5 20X6 20x7 Total Revenue Gross Pront $ 3.340 345 5640 345 5,568,075 1068 075 2,041,080 241.030 $ 10,950,000 5 1,950,000 Record the recognize revenue for performance completed to date. Note: Enter debits before credits. Date General Journal Debit Credit 20X7 Contract asset Contract liability Record entry Clear entry View general journal