Baker Construction Corp. entered into a contract with Menlo Inc. to construct a new office building, on January 1, 2019. The price of the new building totaled $1,000,000, construction began in January, 2019, and the building was completed in December, 2021. Upon signing of the contract, Baker estimated the total construction costs would amount to $800,000. The following information is available related to the construction project: REQUIRED: 1. 2 3. Costs incurred to date Estimated costs to complete Billings to date Collections to date. 2019 $300,000 $550,000 $300,000 $250,000 2020 $700,000 $350,000 $700,000 $650,000 2021 $1075,000 S -0- $1,000,000 $1,000,000 Calculate the amount of income (gross profit) that Baker should recognize in each of the years 2019, 2020, and 2021, using the percentage-of-completion method. Show all calculations. Calculate the amount of income (gross profit) that Baker should recognize in each of the years 2019, 2020, and 2021, using the completed-contract method. Show all calculations. Prepare all of the journal entries related to the construction project that Baker should record for the year 2021, using the percentage of completion method.