Remaining Time: 1 hour, 43 minutes, 46 seconds. Question Completion Status: 11 points Question 3 Arab Construction Company has entered into a contract with University of Bahrain beginning January 1, 2017 to construct medical college building. It has been estimated that the costs of the building to be 54.200,000 and the contract price will be 56,530,000. It will take 3 years to construct the building. The company uses percentage of completion method. If the following data pertain to the building during the constriction period. 2012 2018 2019 Costs to date S1,890,000 $3,150,000 $4,270.000 Estimated costs to complete 2,310,000 1.050,000 -0- Progress billings to date 1,800,000 3,940,000 6,530,000 Cash collected to date 1,600,000 3,500,000 6,530,000 Requirements: Required 1: Compute the following: A. The revenue recognized in the years 2017, 2018 and 2019. B. The gross profit or loss recognized in the years 2017, 2018 and 2019. Required 2: Prepare all necessary journal entries for the year 2018: Required 3: The effect of this contract on the balance sheet on December 31, 2018 Required 4: Assume the same data for the medical college contract except that the estimated cost in 2018 was $2,100,000 instead of S1,050,000. Compute the followings: A. The gross profit or loss recognized in 2018. B. The balance of construction in process account in December 31, 2018