XYZ Construction Company has contracted to build an office building. The construction is scheduled to begin on 1/1/15, and the estimated time of completion is 7/1/18. The building cost is estimated to be $40,000,000 and will be billed at $48,000,000. The following data relate to the construction period. 2015 2016 2017 2018 $11,000,000 $20,000,000 $27,000,000 $40,000,000 Costs to date Estimated cost to complete Progress billings to date Cash collected to date 29,000,000 20,000,000 13,000,000 6,000,000 18,000,000 28,000,000 48,000,000 6,000,000 15,000,000 25,000,000 48,000,000 Required: (a) Compute the estimated gross profit for 2015, 2016, 2017 and 2018 assuming that the percentage-of-completion method is used. (b) Prepare the necessary journal entries for XYZ for the years 2017 and 2018. (c) Show the relevant balance sheet and income statement sections for 2017