Please answer the following problem, your effort will be greatly appreciated with a thumbs up.

REQUIRED: Provide answers to questions 1a-le with supporting calculations. Your answers and supporting work must be hand-written in the spaces provided or using blank paper with appropriate numbering. 1. During 2018, ACE Construction started a new construction job with a contract price of $75 million. ACE has determined that revenue recognition over time based on the percentage of completion is appropriate for this long term contract. The contract was completed on 12/31/20 with the following information ($ in millions): 2018 2019 2020 Costs incurred in the period (paid in cash) 38.50 20.75 21.25 Estimated costs to complete at 12/31 31.50 19.75 -0- Billings on contract in the period 30 15 Cash collected in the period 20 30 25 30 la. Provide ACE's journal entries for transactions during 2018. Account Name Debit Credit 1b. Provide ACE's necessary adjusting journal entries at 12/31/2018. Account Name Debit Credit 1c. Assume ACE's journal entries for 2019 have been properly recorded, provide necessary adjusting journal entries at 12/31/19. Account Name Debit Credit 1d. What would be reported on the 2019 balance sheet related to the long-term contract (do not include the cash account)? (Be sure to label the section of the classified balance sheet under which the account(s) belong) Balance Sheet (partial presentation) le. Assume ACE's journal entries during 2020 have been properly recorded, provide ACE's entries at completion of the contract (12/31/20) Account Name Debit Credit