Question: Please answer questions 1-5 in completed sentences with completed scratchworks. Thank you. In 2022, Construction Company began building an office tower under a three-year contract.

Please answer questions 1-5 in completed sentences with completed scratchworks. Thank you.

In 2022, Construction Company began building an office tower under a three-year contract. The contract price is $1,600,000. 1. What criteria must be met to have the revenue from this job be recorded over time? Upon completion? Assume that has meet the criteria to record revenue over time on this job. At December 31,2022 , here is the financial statement presentation for this contract: 2. How much was the cost of construction actually incurred in 2022 ? 3. How much cash was collected in 2022 on this contract? 4. What was the estimated cost to complete the job at the end of 2022 ? 5. What was the estimated percentage of completion used to calculate revenue in 2022

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