Excel Assignment (Percentage-of-completion) Required: 1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year. (10 points)

Hint: I suggest you use formulas with an IF function regarding the gross profit section of your spreadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss.

2- Using the data given and the solutions in your spreadsheet generated, prepare all journal entries for year 2023. Whenever possible, the amounts for your journal entries should be formulas that reference the appropriate cells in the calcuations below. (10 points)

**Hint: You have to figure out the actual cost, billings, and collections for each respective year. The information presented is "to date" not "Costs expended this year" as in the handouts and some of your assigned exercises/problems. Use the format provided below to input formulas for each respective year