Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2022 for $30,550,000 Construction began in 2022. Aylmer has a December 31 year end. Data relating to the construction project is below:

2022 2023 2024 Costs to date 7,895,000 16,345,000 24,000,000 Estimated costs to complete 16,500,000 7,655,000 0 Progress billings during the period 9,041,000 10,125,000 11,384,000 Cash receipts during the period 8,565,000 10,485,000 11,500,000 1. Prepare ALL the appropriate journal entries for 2022 assuming Aylmer uses the percentage-of-completion method.

2. For 2022, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method.

3. For 2022, under the percentage-of-completion method, what is the balance in accounts receivable?

4. For 2023, under the percentage-of-completion method, how much revenue should be recognized? 2022 JOURNAL ENTRIES (PERCENTAGE-OF-COMPLETION METHOD)