The Orlando Company is involved in a three-year long-term construction contract. The company uses the percentage-of- completion method to account for revenues from the contract. The following data relate to this contract: 2024 2025 2026 Total Contract price $320,000 Costs incurred to date 48,000 175,000 260,000 Estimated additional costs to complete 192,000 75,000 0 Partial billings in each year 50,000 170,000 100,000 320,000 168,000 106,000 320,000 Cash collected from billings in each year 46,000 Required: A. Calculate the percentage of completion, construction revenues, construction expenses, and gross profit (loss) for 2024, 2025, and 2026. B. Prepare the journal entries to reflect the percentage-of-completion method for 2024 only. C. Please show how to report information related to the construction contract on the company's Balance Sheet as of 12/31/2024. Click to open: