.ll mobily 4G 11:05 AM Sayed Assignment 1 Problem: 1. KC Construction Company has a contract to construct a $2,250,000 bridge at an estimated cost of $2,000,000 The contract is to start in July 2010, and the bridge is to be completed in October 2012. The following data pertain to the construction period 2010 20 2012 Cost to Date 500,000 1.458,000 2,025,000 Estimated costs to 500,000567,000 complete Progress billings during 450,000 the year 1,200,000 600,000 Cash collected during 375,000 875,000 1,000,000 the year Required I. Compute percentage complete II. Make the journal entries to record (a) the costs of construction, (b) progress billings, and (c) collections III. Prepare the schedule of Percentage-of-Completion, Revenue and Gross Profit, year by Year