You have found several items relating to revenue: 1. You see a deposit was made into the company bank account December 15, year1 for $50,000 from Accolades Inc. The amount was a purchase of office furniture from the office furniture division at Big Time. No journal entry has been recorded for this deposit. There is also a note saying that the office furniture is still in Big Times warehouse as Accolades is in the process of doing some office renovations. You call up the warehouse Manager and they have told you that the office furniture is all packaged up and ready to ship whenever they get the word that Accolades is done their renovations. 2. Big Time has recently started a travel agency, Big Time Travel, during December, year 1. There is only one transaction that has happened, and no journal entry has been recorded. Mr. and Mrs. Jones have booked an Egyptian tour, starting in Cairo for 5 days, then flying to Aswan to begin a 10 day Nile cruise with Phoenix Tours of Egypt. The total cost to the Jones family is $30,000 and they paid for the trip in full December 31, year 1. The trip is planned for February 20th, year 2. The cost includes all flights, accommodations, tours and transfers. Big Time Travel must pay Phoenix Tours the full $30,000 15 days before the start of the tour, however Big Time Travel will receive a 10% commission once the tour starts in February. 3. Big Time Construction has entered into a contract starting Jan 1, year 1 to build a parking garage for the local mall. When Big Time did the request for proposal a few years back, the estimated total costs to build the garage were $8 million and take three years to complete. Big Time will bill the mall $11 million to build the parking garage. Revised details are as follows: Year 1 Year 2 Year 3 Cost to date 3,060,000 6,435,000 9,300,000 Estimated costs to complete 4,595,000 2,656,000 - Progress billings to date 4,000,000 6,300,000 11,000,000 Cash collected to date 3,500,000 5,000,000 11,000,000 Required: A. Can Big Time record the transaction with Accolades as revenue? If yes, what is the journal entry to record the sale? Are any disclosures required? If so, prepare a note. B. Can Big Time Travel record the Jones family trip as revenue? If so, what amount can be recorded as revenue? What would be the journal entry at December 31, year 1 to record the payment from the Jones family? C. Using the percentage of completion method, calculate the gross profit that Big Time Construction would recognize during each year of the construction process. D. Prepare all the required journal entries for years 1,2 and 3