Percentage-of-completion Method, Bailey Builders Corporation accepted a three-year, $1,000,000 fixed contract to renovate a parking dock. Bailey uses the percentage-of-completion method and the cost-to-cost method of measuring progress. Information related to the construction contract is presented below. Prepare the journal entries required in each year to record the contract. Show all supporting computation Completed-Contract Method. Using the information provided in ES-15, assume Bailey uses the complete contract method. Prepare the journal entries required in each year to record the contract (show all supports computations.) Calculate profit by year using percent of completion Calculate profit by year using completed contract Assume that in 2016 actual construction costs were $650,000 and estimated costs to complete were $120 degree C Calculate profit by year using percent of Calculate profit by year with completed