Martin Contractors Inc. agreed to construct a building for $375,000. Construction commenced in 2018 and was...

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Martin Contractors Inc. agreed to construct a building for $375,000. Construction commenced in 2018 and was completed in 2020. Data relating to the contract are summarized below. (Click the icon to view the contract data.) Required a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance. b. Record the journal entries using T-accounts. Requirement a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit. (Round the percent complete to two decimal places, X.XX%. Round your final answers to the nearest dollar. Use parentheses or a minus sign to enter a loss.) Revenues - current year Expenses Gross profit (loss) 2018 67500 104,580 -37080 Contract data 2018 2019 2020 Costs incurred during the year $ Estimated costs to complete Billings during year 104,580 $ 210,420 75,000 157,798 $ 56,622 157,500 67,622 142,500 Collections during year 67,500 153,500 154,000 Estimated profit on contract ? ? Print Done Martin Contractors Inc. agreed to construct a building for $375,000. Construction commenced in 2018 and was completed in 2020. Data relating to the contract are summarized below. (Click the icon to view the contract data.) Required a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance. b. Record the journal entries using T-accounts. Requirement a. For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit. (Round the percent complete to two decimal places, X.XX%. Round your final answers to the nearest dollar. Use parentheses or a minus sign to enter a loss.) Revenues - current year Expenses Gross profit (loss) 2018 67500 104,580 -37080 Contract data 2018 2019 2020 Costs incurred during the year $ Estimated costs to complete Billings during year 104,580 $ 210,420 75,000 157,798 $ 56,622 157,500 67,622 142,500 Collections during year 67,500 153,500 154,000 Estimated profit on contract ? ? Print Done