A6-19 IFRS Percentage-of-Completion Method and Completed-Contract Method: Star Construction Corp. has a contract to construct a building for $10,950,000. The building is controlled by the customer throughout the term of the contract. Total costs to complete the building were originally estimated at $8,850,000. Construction commenced on 4 February 20X5. Actual costs were in line with estimated costs for 20X5 and 20X6. In 20X7, actual costs exceeded estimated costs by $150,000. Page 383 Total construction costs incurred in each year were as follows: 20X5 $2,700,000 20X6 $4,500,000 20X7 $1,800,000 Billings each year were as follows: 20x5 $2,300,000 20X6 $4,900,000 20X7 $3,750,000 Required: 1. Calculate the revenues and gross profit for the construction project for each of the three years assuming the company uses inputs to measure progress. 2. Prepare the journal entries for revenue recognition for each year and for contract completion in 20X7. 3. Prepare the journal entries for revenue recognition for each year and for contract completion in 20X7, if the customer did not take control of the asset until the building was fully constructed and title transferred