Repeat the requirements of P8- 6 assuming Bigelow Contractors uses the ­completed- contract method to report its long- term contracts. Additionally, compare the reported gross profit and net asset (liability) position reported under the percentage- of- completion method (from P8- 6) and the completed- contract method.
In P8- 6

Required
a. Compute the percentage completed for each year.
b. Compute the gross profit and revenue to be recognized each year of the contract.
c. Prepare the journal entries required for each year of the contract.
d. Prepare the t- accounts for Construction in Progress, Billings on Construction in Progress, and Accounts Receivable.
e. Determine the net asset (liability) for each year of the contract on December 31.