Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $896,000. The following data pertain to the construction period. 2019 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $266,640 339,360 270,000 240,000 2018 $412,080 193,920 545,000 495,000 $617,000 -0- 896,000 896,000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is o, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 Click if you would like to Show Work for this question: Open Show Work Ayayai Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Ayayai products and services. Ayayai offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $738. On a standalone basis, the grill sells for $656 (cost $447), and Ayayai estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $136. (The selling of the grill and the installation services should be considered two performance obligations.) Ayayai signed 10 GM205 contracts on April 20, 2017, and customers paid the contract price in cash. The grills were delivered and installed on May 15, 2017. Prepare journal entries for Ayayai for GM205 in April and May 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 20, 2017 May 15, 2017 (To record sales) (To record cost of goods sold) The State of Kentucky is planning major renovations in its parks during 2017 and enters into a contract with Ayayai to purchase 390 durable, easy maintenance, standard charcoal grills during 2017. The grills are priced at $200 each (with a cost of $152 each), and Ayayai provides a 5% volume discount if Kentucky purchases at least 280 grills during 2017. On April 17, 2017, Ayayai delivered and received payment for 260 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Ayayai for grills sold on April 17, 2017. Assume the company records sales transaction net. (Credit account titles are automatically indented when the 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 Debit Credit (To record sales) (To record cost of goods sold) Ayayai sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,000 (cost $523) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2017, and upon payment, assuming the customer paid on (1) September 25, 2017, and (2) October 15, 2017. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Credit No. (1) (To record sales) (To record cost of goods sold) (2) (To record sales) (To record cost of goods sold)