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Question 4 (20 marks) Hi-Beam Contracting specializes in building sports stadiums. Late in 2019, they were the winning bidder on a stadium in Kamloops, British Columbia. The contract price is $90,000,000, and they estimate their cost as $60,000,000. Hi-Beam uses the asset/liability approach and follows IFRS. The following table outlines their results over the 3 years of construction. 2019 2020 2021 Costs to date $27,000,000 $45,000,000 $61,000,000 Estimated costs to complete $33,000,000 $15,000,000 0 Progress billings each year $25,000,000 $30,000,000 $35,000,000 Cash collected each year $20,000,000 $27,500,000 $42,500,000 Required A. Use the percentage of completion method to calculate the estimated revenue and gross profit for each year of the contract. Clearly indicate your answer using the following format. You may provide calculations separately. (8 marks) 2019 2020 2021 Revenue Gross Profit B. Provide all required journal entries for 2019 and 2020. (12 marks)