Applejack Construction is contracted to build a freeway for $12,000,000. Construction began in 2020 and was completed in 2021. Data relating to the construction are shown below. 2020 2021 Costs incurred during the year Estimated costs to complete $ 3,500,000.00 $3,250,000.00 $ 2,500,000.00 Using the percentage-of-completion method, answer the below questions. Questions 1. How much revenue should be reported for 2020? Show your computation. Answer: 2. Make the entry to record progress billings of $4,900,000 during 2020. Answer: 3. Make the entry to record the revenue and gross profit for 2020. Answer: 4. How much gross profit should be reported for 2021? Show your computation