Tomulka Construction Co., a private company, entered into a three year contract to construct a building. The revenues were originally projected to be $2.4million. Costs were estimated to be $1.75million. The costs incurred throughout the project are noted below. Year 1 Year 2 Year 3 Expected revenues 2,400,000 2,400,000 2,400,000 Actual costs incurred 500,000 1,200,000 150,000 Expected costs to complete 1,250,000 350,000 Required: a. Prepare the journal entries using the percentage of completion method (9 marks) b. Prepare the journal entries using the completed contract method (2 marks) C. Assume the same information, except that the expected costs in year 2 were $750,000 due to unforeseen labour issues that resulted in significantly higher costs. Prepare the journal entry for year 2. Note - you do not have to show Year 1 and 3. (4 marks)