WhataBuilder inc entered into a contract to build a new facility for Cougar Co. The contract price is $8,000 and the relevant totals as of the end of each year are given in the table below: Cost to Date Estimated Cost Remaining Total Estimated cost Year 1 2700 4500 7200 Year 2 6300 2100 Year 3 8500 0 8500 8400 Sales Price (Total Revenue) 8000 8000 8000 Billings to Date Collections to Date 3200 1900 5800 5000 8000 8000 25. If WhataBuilder uses the percentage of completion method, what journal entry would it make to record revenue and profit in year 1. A Construction Expense 2,700 Construction in Progress 300 Construction Revenue 3,000 B. Construction Expense 3,300 Construction in Progress 300 Construction Revenue 3,000 C. Construction Expense 2,700 Construction in Progress 1,050 Construction Revenue 3,750 D. Construction Expense 3,300 Construction in Progress 450 Construction Revenue 3.750 26. How much revenue would WhataBuilder recognize in year 2 under the percentage of completion method? A $6,000 B. (5400) C. $3,000 D. $5,333 27. How much construction expense would WhataBuilder recognize in year 2 under the percentage of completion method? A $6,700 B. $700 C. $3,600 D. $3,700 28. How would the building be presented on WhataBuilder's balance sheet for the end of year 1? A. $3,000 would be added to Property, Plant, and Equipment B. As a Current Liability of $200 C. As a Current Asset of $2,700. D. As a Long Term Liability of $3,200. 29. How much profit would WhataBuilder recognize in year 2 under the completed contract method? A. SO B. $700 Loss C. 5400 Loss D. $300 Profit 30. What journal entry would WhataBuilder make upon completion of the project to take the asset off its books? A. B. C. Billings $8,000 Construction in Progress $8,000 Billings $8,500 Construction in Progress $8,500 Billings $8,000 Loss on Contract $500 Construction in Progress $8.500 Construction in Progress $8,000 Billings $8,000 D