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Problem 1 During 2012 AFCO started a construction job with a contract price of $2,500,000. The job was completed in 2014. The following information is available. 2012 2013 2014 Costs incurred to date $ 700,000 $1,435,000 $2,100,000 Estimated costs to complete 1,400,000 715,000 -O- Billings to date 150.000 500,000 2,500,000 Collections during the year 100.000 300.000 2,000,000 Instructions: (a) Compute the amount of gross profit to be recognized each year assuming the percentage-of completion method is used (20 points). (b) Prepare all necessary journal entries for 2013 (16 points). c) Compute the amount of gross profit to be recognized each year assuming the completed-contract method is used (4 point). Edit View Insert Format Tools Table 12pt Paragraph ? E UU To FA