Strong Guard Co$.$ contracted to build a bridge for $$8,750,000.$ Construction began in $2024$ and is expected to be completed in $2026.$ Data for $2024$ and $2025$are:Strong Guard Co$.$ contracted to build a bridge for $$8,750,000.$ Construction began in $2024$ and is expected to be completed in $2026.$ Data for $2024$ and $2025$ are:

Strong Guard Co$.$ uses the percentage$-$of$-$completion method.

Instructions

$(1)$ How much gross profit should be reported for $2024?$ Show your computation.

$(2)$ How much gross profit should be reported for $2025?$ Show your computation.

$(3)$ Make the journal entry to record the revenue and gross profit for $2025.$

$(4)$ If Strong Guard Co$.$ uses completed$-$contract accounting, show the gross profit that should be recorded for $2024$ and $2025.$