Question 2: Revenue recognition Mike is a retired professional bowler who has just inherited a large plot of land. He decides to build a bowlig alley. He shops around for a contracting company, and eventually settles on Lego Construction Inc. The contract was for a total of $750,000 to be received over the construction period of four years ending in December of 2020. However, in 2019, Lego was able to renegotiate the contract to account for increased costs. The contract price was increased to $850,000 in 2019. The following cost information for Lego Construction Inc. is provided: Costs (in thousands) 2017 2018 2019 Costs incurred to date 150 300 700 Additional costs to 450 450 50 complete 2020 750 a) Usmg the percentage of completion method, calculate the gross profit and revenue for each of the four years for Lego. b) For the year of 2020 prepare the joumal entry to record revenue and expense recognition for Lego, and the joumal entry to record completion of the contract