You have just started work as the controller for SomeBig Co$.,$ a construction company. The $20$x$0$

fiscal year ended $0$ctober $31,20x0$ and your predecessor left a few things undone. Most

importantly, the company started a project constructing an office building for SCR Engineering

during the year and there have been no year$-$end entries made to record any revenues or expenses

associated with the project.

Your assistant, Sally, has summarized the entries made during fiscal year $20$x$0$ and $20$X$1$ for you

as follows:

Sally also has given you the information summarized below:

Total contract price $=$$$18,000,000$

Original total estimated costs at the beginning of the project$=$ $$17,400,000$

Revised total estimated costs as of $0$ctober $24,200=$$$17,000,000$

Start date: February $1,20$x$0$

Estimated completion date: February $1,20$X$1$

$1.$ Required: $($round dollar amounts to whole dollars, round percentages to $2$ decimal places: $23\mathrm{.}45\%)$

Under revenue recognition over time, what is the percentage of completion to date by the end

of year $20$x$0?$

Percentage of completion to date $($in $\%)$:

$2.$ Under revenue recognition over time, what is the $20$x$0$ year$-$end adjusting journal entry $($you

must indicate $"$no entry required" if that is the case$)?$

$3.$ Under revenue recognition over time, what is the $20$x$1$

$4)$ Assuming revenue is recognized over time approach, show how the balances in the following G$/$L accounts for this project would be presented on the $20$X$0$ year$-$end Balance Sheet: Billings on Contracts, Construction In Progress. For each line item, indicate the amount and whether it should be reported in the As

$5)$ Under revenue recognition at a point of time $($at the completion of the project$),$ what is the $20$X$0$ year$-$end adjusting journal entry $($you must indic

ate $$no entry required$$ if that is the case$)?$

$6)$ Identify how much gross profit $($or loss$)$ should be recognized in fiscal years $20$X$0$ and $20$X$1,$ under each of the two possible revenue recognition methods. The over a period of time $($percentage of completion method$)$ and The at a point of time $($upon completion method$).$

$7)$ What amount of total revenue is recognized over the entire life of this long$-$term building project if revenue is recognized using the over a period of time $($percent$-$of$-$completion$)$ approach?

Total revenue under recognizing revenue over time according to percentage of completion: $\_\_\_\_\_$

$8)$ What amount of total revenue is recognized over the entire life of this long$-$term building project if revenue is recognized using the at a point in time $($upon the completion of the contract$)$ approach?

Total revenue under recognizing reven

ue upon the completion of contract: $\_\_\_\_\_\_$

$9)$ What journal entry should be recorded to remove the project at the completion $($you must indicate $$no entry required$$ if that is the case$)?$

PLEASE SHOW WORK