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Cosmo Computer Consultants (CCC) signed a contract in 2022 to devolop a computer notwork system for Platinum Entortanment Cosmo uses the percentage-of complefion method und deteminen. Its measure of progress using the cost to-cost approach. The firm provied the folowing information for 2022 ilif (Click the icon to view the coritact infomation) (Cick the icon to vew the revenoe rocogntion anlormation) Prepare al journal eatres necessary to reficct the use of the peccentage of completion method in 2022 for C00 Begn by recording the consteuction costs in 2022 Contract price 2022$85,000 Actual construction costs incurred during the year Estimated total costs $$12,00060,000 Progress billings made during the year $30,500 Cash collections during the year $25,000 \begin{tabular}{lrr} \hline Revenue and Gross profit recognition & & 2022 \\ \hline Contract price & $ & 85,000 \\ Percent complete & 20 & \\ Cumulative revenue & $ & 17,000 \\ Revenue recognized in prior years & & 0 \\ \hline Current year revenue & $ & 17,000 \\ Less: Actual costs & & (12,000) \\ \hline Gross profit recognized in the current year & $ & 5,000 \\ \hline \hline \end{tabular}