Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2020 for			$ 21,500,000
Construction began in 2020. Aylmer has a December 31 year end.
Data relating to the construction project is below:
	2020	2021	2022
Costs to date	6,000,000	13,500,000	19,500,000
Estimated costs to complete	13,500,000	6,000,000	0
Progress billings during the period	6,000,000	6,000,000	9,500,000
Cash receipts during the period	5,400,000	5,000,000	11,100,000
1. Prepare ALL the appropriate journal entries for 2020 assuming Aylmer uses the percentage-of-completion method.
2. For 2020, complete the partial income statements (up to gross profit only) for:
a. The percentage-of-completion method.
b. The completed contract method.
3. For 2020, under the percentage-of-completion method, what is the balance in accounts receivable?
4. For 2021, under the percentage-of-completion method, how much revenue should be recognized?