ACCT 3563-week 3 tutorial question 1. Construction contract Company XYZ signs a contract on 1 July 2014 to construct a bridge, at a contract price of $9m. It will be completed in 3 years at an expected total cost of $8m. Now assume that XYZ calculates the percentage based on costs to date to total estimated costs. The following information is available m soiune 2016 30 June 2017 Progress billing 3 000 000 3 000 000 3 000 000 Cash allocated 2 000 000 3 000 000 4 000 000 Costs to Date 2 000 000 7 000 000 9 400 000 Estimated costs to complete 6 000 000 2 400 000 __ %of physical compleon 40.00% Required: Provide journal entries to account for all transactions in 2015, 2016 and 2017. Assume all estimates are reliable and XYZ uses costs to calculate the percentage of completion lI