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Question 9 (30 points) On January 8, 2015, Westo signed a $3.60 million contract to construct an office and warehouse for a small wholesale company. The project was o difficulties in hiring a sufficient pool of skilled workers extended the completion date by an extra year. As well, significant increases in the price of project. WestCo was able to negotiate a partial recovery of these costs, and the total contract value was adjusted to 54.20 million in the second y Cred to be completed in two years, but and year resulted in cost overruns on the sonal information from the project is as follows: Total contract value $3,600,000 $4,200,000 $4,200,000 Accumulated costs to date $24,000 2,881,000 4,500,000 Estimated costs to complete the project 2,376,000 1.419,000 o Customer bilings to dete 900,000 2,000,000 4,200,000 Cash collected to date 900,000 2,900,000 4,200,000 a) Calculate the amount of gross profit to be recognized each year using the percentage-of-completion method. Please make sure your final answer(s) are accurate to the nearest whole number, 2015 2016 2017 Gross profit (los) for the your b) Prepare all the required Joumal entries for the year ended December 31, 2016. Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (e. January 15 would be 15/Jan). Gert Juma Accountino PR Dent Credit CS Scanned with CamScanner 0 Assume that the increase in material costs has created significant uncertainty for the contract Using the zero-profit method (IFRS), determine the amount of revenue and expense to report each year. Enter of any amount is zero. Please make sure your final answer(s) are accurate to the nearest whole number, - sure your final answers) are accurate to 2 decimal paces. Enter an appropriate description when - US De entered in the format dimmm(e. January 15 would be 15/Jani. 2017 Assume that the increase in material costs has created significant uncertainty for the contract. c) Using the zero profit method (IFRS), determine the amount of revenue and expense to report each year. Enter o it any amount is zero. Please make sure your that answer(s) are accurate to the nearest whole number 2015 2016 Revenue Expense a) Using the completed-contract method (ASPE), determine the amount of revenue and expense to report each year. Enter if any amount is zero. Please make sure your final answer(s) are activate to the nearest whole number 2015 2016 2017 Revenue Expense CS Scanned with Cars Scanner Question 9 (30 points) On January 8, 2015, Westo signed a $3.60 million contract to construct an office and warehouse for a small wholesale company. The project was o difficulties in hiring a sufficient pool of skilled workers extended the completion date by an extra year. As well, significant increases in the price of project. WestCo was able to negotiate a partial recovery of these costs, and the total contract value was adjusted to 54.20 million in the second y Cred to be completed in two years, but and year resulted in cost overruns on the sonal information from the project is as follows: Total contract value $3,600,000 $4,200,000 $4,200,000 Accumulated costs to date $24,000 2,881,000 4,500,000 Estimated costs to complete the project 2,376,000 1.419,000 o Customer bilings to dete 900,000 2,000,000 4,200,000 Cash collected to date 900,000 2,900,000 4,200,000 a) Calculate the amount of gross profit to be recognized each year using the percentage-of-completion method. Please make sure your final answer(s) are accurate to the nearest whole number, 2015 2016 2017 Gross profit (los) for the your b) Prepare all the required Joumal entries for the year ended December 31, 2016. Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (e. January 15 would be 15/Jan). Gert Juma Accountino PR Dent Credit CS Scanned with CamScanner 0 Assume that the increase in material costs has created significant uncertainty for the contract Using the zero-profit method (IFRS), determine the amount of revenue and expense to report each year. Enter of any amount is zero. Please make sure your final answer(s) are accurate to the nearest whole number, - sure your final answers) are accurate to 2 decimal paces. Enter an appropriate description when - US De entered in the format dimmm(e. January 15 would be 15/Jani. 2017 Assume that the increase in material costs has created significant uncertainty for the contract. c) Using the zero profit method (IFRS), determine the amount of revenue and expense to report each year. Enter o it any amount is zero. Please make sure your that answer(s) are accurate to the nearest whole number 2015 2016 Revenue Expense a) Using the completed-contract method (ASPE), determine the amount of revenue and expense to report each year. Enter if any amount is zero. Please make sure your final answer(s) are activate to the nearest whole number 2015 2016 2017 Revenue Expense CS Scanned with Cars Scanner