Moving to another question will save this response Question 5 Arab Construction Company has entered a contract with University of Bahrain beginning January 1, 2018, to construct medical college building has bee the costs of the building to be $8 million and the contract price will be $12 million. It will take 3 years to constrict the building. The company cost recovery method If the following data pertain to the building during the construction period. Costs incurred to date Estimated costs to complete Progress billings to date Cash collected to date Requirements: 2018 $3,600,000 2019 $6,750,000 2020 $9,000,000 4,400,000 2,250,000 -0- 4,000,000 8,000,000 12,000,000 3,000,000 6,000,000 12,000,000 Required 1: Compute the gross profit or loss recognized in the years 2018, 2019 and 2020 Required 2: Assume the same data for the medical college contract except that the estimated cost in 2019 w 54,500,000t of $.000 2020 was $11,250,000 instead of 59,000,000. A Compute the gross profit or loss recognized in 2019, B. Provide explanation for you answer Required 3 Assume the same data for the medical college contract except that the estimated cost in 2019 was 56.750.000 aunt of 2250 and the 2020 was $13,500,000 mitead of $9,000,000, A Compute the gross profit or loss recognized in 2018 and 2019 B Prepare the journal entry to recognize the less (if any) in 2019 For the toolbar, press ALT+F10 (PC) ALT+F-F10 SAMSUNG E