Wexler Construction Company has contracted to build an office building. The construction is scheduled to begin on $\frac{3}{1}\frac{?}{22},$ and the estimated time of completion

is $\frac{7}{1}\frac{?}{25}.$ The building cost is estimated to be $$20,000,000$ and will be billed at $$26,000,000.$

The following data relate to the construction period.

Required:

a$.$ Compute the estimated revenue and gross profit for $2022,2023,2024$ and $2025$ assuming that the percentage$--$of$-$completion method is used.

b$.$ Prepare the necessary journal entries for XYZ for the years $2024$ and $2025.$

c$.$ Show the relevant balance sheet and income statement sections for $2024.$