Student Construction Corporation signed a long-term contract with SMU University to build a library on campus. The fixed price of the contract is $80,000,000. The costs, estimated costs, and billing activity for the three years of the contract are shown below: Required: Percentage-of completion method: Compute the profit to be recognized under the percentage-of-completion method on Student Construction Corporation's income statements for each year under the contract. Prepare all necessary journal entries for 2013, 2014, and 2015, including closing the contract accounts upon completion of the contract in 2015. Prepare the general ledger account (T account) for the construction in progress account showing all postings for 2013-2015 (including the close out of the account). Show how the Accounts Receivable, Construction in Progress, and Billings accounts would be presented on the balance sheet at Dec 31, 2013 and Dec 31, 2014. Show how the contract would be shown on the income statement for 2013, 2014, and 2015. Completed contract method: Compute the profit to be recognized under the completed-contract method for each year. Prepare the necessary journal entry in 2015 to close the contract accounts and to recognize the revenues and costs upon completion. Students Construction Corporation applied for a bank loan in the beginning of 2016, and was required to submit the past three years' income statements (2013-2015). The company reports under ASPE. Make a recommendation to the company about which accounting method (percentage of completion or completed contract) should be used for the bank loan application purpose. State clearly the reason(s) and any assumption(s)