answer please

Arab Construction Company has entered into a contract with University of Bahrain beginning January 1, 2017 to construct medical college building. It has been estimated that the costs of the building to be $4,200,000 and the contract price will be $6,530,000. It will take 3 years to construct the building. The company uses cost recovery method. If the following data pertain to the building during the construction period. 2017 2018 2019 Costs to date $1,890,000 $3,150,000 $4,270,000 Estimated costs to complete 2.310,000 1,050,000 0- Progress billings to date 1,800,000 3,940,000 6,530,000 Cash collected to date 1.600.000 3,500,000 6,530,000 Requirements: Required 1: Compute the gross profit of loss recognized each year. Required 2: The balance of construction in process in 2017 and 2018 will be: Required 3: Assume the same data for the medical college contract except that the estimated cost in 2018 was $2,100,000 instead of $1.050,000. A. Compute the gross profit or loss recognized in 2018. B. Provide explanation for you answer? Required 4: Assume the same data for the medical college contract except that the estimated cost in 2018 was $4,200,000 instead of $1.050,000 and the cost to date in 2019 was $7,350,000 instead of $4,270,000. A. Compute the gross profit or loss recognized in 2017 and 2018. B. Prepare the journal entry to recognize the loss (if any) in 2018. For the toolbar press ALT+F 10 (PC) or ALT+FN=F10 (Mac). BI U S Paragraph Arial 14px