On February $1,2023,$ Marsh Contractors agreed to construct a building at a contract price of $$17,400,000.$ Marsh estimated total construction costs would be $$12,000,000$ and the project would be finished in $2025.$ Information relating to the costs and billings for this contract is as follows: $($a$)$ Compute the amount of gross profit to be recognized each year, assuming the percentage$-$of$-$completion method is used. $($b$)$ Prepare all necessary journal entries for $2024.($c$)$ Compute the amount of gross profit to be recognized each year, assuming the completed$-$contract method is used. $7.(10$ POINTS$)$ On February $1,2023,$ Marsh Contractors agreed to construct a building at a contract price of $\backslash (\backslash$$ $17,400,000\backslash ).$ Marsh estimated total construction costs would be $\backslash (\backslash$$ $12,000,000\backslash )$ and the project would be finished in $2025.$ Information relating to the costs and billings for this contract is as follows:

$($a$)$ Compute the amount of gross profit to be recognized each year, assuming the percentage$-$of$-$completion method is used.

$($b$)$ Prepare all necessary journal entries for $2024.$

$($c$)$ Compute the amount of gross profit to be recognized each year, assuming the completed$-$contract method is used.