(UM) Christine Network Consultants, Incorporated uses the percentage of completion method to account for its long-term contracts It uses the cost to cost approach to measure progress. During the current year, Christine signed a contract to develop a computer network for an international accounting firm. Information related to the contract is presented below. PER (Click the icon to view the contract information) Read the requirements Requirement a. Compute the percentage of completion for each year. (Round the percentages to the nearest hundredth percent, XXX%.) 2015 2016 2017 Cumulative percent complete Data Table X i Requirements Contract price $ 640,000 a. Compute the percentage-of-completion for each year b. Compute the gross profit and revenue to be recognized each year of the contract I Prepare the journal entries required for each year of the contract d. Prepare the accounts for Construction in Progress, Billings on Construction in Progress, and Accounts Receivable Determine the net asset (liability) for each year of the contract on December 31 2015 2016 2017 185.600 $ 262,400 $ 90.000 o$ 185,600 $ 448.000 185,600 $ 448 000 $ 538,000 $ 394 400 $ 192,000 0 $ 580,000 S 640,000 $ 538.000 $ 290 000 $ 320,000 $ 30 000 $ 210,000 $300,000 S 130.000 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year e Print Done Print Done