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2 3 5 7 8 Question 6 19 points Save Answe On June 1, 2019, Al-Bader Construction Company contracted to construct a building for Nass Company, for a total contract price of $12,600,000. The project was to be completed by October 31, 2021. The annual costs incurred, estimated costs to complete the contract, billings to Nass and collections for 2019, 2020, and 2021 are given below. 2019 2020 2021 Costs incurred to date $4,320,000 $7,665,000 $10,950,000 Estimated costs to complete 5,280,000 3,285,000 1-0- Billings to date 4,800,000 10,050,000 12,600,000 Collections to date 3,000,000 8,250,000 9,750,000 Instructions: If Al-Bader Company uses the percentage-of-completion method; 1. Compute the amount of gross profit or loss to be recognized each year. 2. Prepare all necessary journal entries for 2020. 3. Prepare the journal entry to record the completion of the contract in 2021. 4. Prepare partial statement of financial position at December 31, 2019. 5. If Al-Bader Company uses the cost-recovery method, prepare the necessary journal entry to recognize any gross profit in 2021. For the toolbar, press ALT F10 (PC) or ALT-FN-F10 (Mac) BIVS Paragraph M Arial 10pt + A EM 2 I XO MacBook Air *** www