The board of directors of Ogle Construction Company is meeting to choose between the completed-contract method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Ogle's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Ogle commenced doing business on January 1, 2018. 2. Construction activities for the year ended December 31, 2018, were as follows: Project A B D E Total Contract Billings Through Cash Collections Price Through 12/31/18 $ 304,000 204,000 384,000 62,000 394,000 $1,348,000 $494,000 714,000 472,000 197,000 444,000 $2,321,000 12/31/18 $ 334,000 204,000 469,000 94,000 394,000 $1,495,000 Estimated Contract Costs Incurred Through Additional Costs to 12/31/18 Complete Contracts $ 95,000 434,000 -0- 91,000 78,500 $698,500 $418,000 186,000 344,000 117,000 314,000 $1,379,000 3. Each contract is with a different customer. 4. Any work remaining to be done on the contracts is expected to be completed in 2019. Compute the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2018, which would be reported under: (1) The completed-contract method. $ (2) The percentage-of-completion method (based on estimated costs). $ Prepare the general journal entry to record revenue and gross profit on project B (second project) for 2018, assuming that the percentage-of-completion method is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Accounts Receivable Indicate the balances that would appear in the balance sheet at December 31, 2018 for the following accounts for Project D (fourth project), assuming that the percentage-of-completion method used. $ Billings on Construction in Process $ Construction in Process Debit $ Credit How would the balances in the accounts discussed in part (c) change (if at all) for Project D (fourth project), if the completed-contract method is used? If the completed-contract method is used the account balances Click if you would like to Show Work for this question: Open Show Work