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During 2024, the Samuelson Construction Company began construction on an office building for the City of Gernon. The contract price is $8,000,000, and the building will take approximately 18 months to complete. Completion is scheduled for early in 2026. The company's fiscal year ends on December 31. The following is a year-by-year recap of construction costs incurred and the estimated costs to complete the project as of the end of each year. Progress billings and cash collections also are indicated. 1. Determine the amount of construction revenue, construction cost, and gross profit or loss to be recognized in each of the three years, using the percentage-of-completion method 2. Prepare the necessary journal entries for each of the three years to account for construction costs, construction revenue, contract billings, and cash collections, and to close the construction accounts in 2026 assuming the percentage-of-completion-method is used. 3. What is the amount of construction revenue, construction cost, and gross profit or loss to be recognized in each of the three years, using the completed contract method