In 2025 P began construction work under a three-year contract The contract price is $20040 P recognizes revenue during the contract based on percentage completed Costs incurred abd estimated costs to complete: Record the amounts of the journal entries to recognize revenue over the life of the contract. Use this information to determine which of the answers are correct (more than one answers may be correct). During 2027 the cost of sales that P recognizes is: $5826.61 During 2026 the revenue that P recognizes is: $3643.53 The total amount of revenue recognized over the life of the contract is: $20050 During 2026 the cost of sales that P recognizes is: $1432.88 During 2026 the revenue that P recognizes is: $3633.53 During 2027 the revenue that P recognizes is: $12843.92 During 2026 the change in the contract in progress account is: $2200.65 During 2027 the change in the contract in progress account is: $7037.31