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Question 11 point Arad Construction Company has entered a core with University of Bal beginningary 1, 2015, to contract ideal college bud. Ilus been mand that the cost of the building to be simili and the contrat pe will be $12 milli li will take 3 years to construct the building. The company es percentage of completion method If the following data per into the building during the construction penod 2018 2019 2020 Costs incurred to date $3,600,000 56,750,000 $9,000,000 Estimated costs to complete 4.400,000 2,250,000 0- Progress billing to dato 4.000.000 8.000.000 12,000,000 Cash collected to date 3,000,000 6,000,000 12,000,000 Requirements: Required I Compute the revenue and the gross profit or loss to be recognized in the year 2018, 2019 and 2020 Activate Windows Required 2 Prepare all necessary journal entries for the year 2019 Go to Settings to Windows Required 3. The effect of this contract on the balance sheet on December 31, 2019 Required 4 Assume the same data for the medical college contract except that the estimated cost in 2019 was $4.500.000 instead of 52.250,000 Compute the gross profit or loss to be recognized in 2019, and the balance of construction in process account on December 31, 2019 More Question Arab Construction Company led a contract with University of War beginning Juary 1, 2018, to control medical colletting and the the cont or the building tot 8 million and the contract price will be $12 million will take 3 years to construct that the many picentage of completion method. If the following data pertanto the building during the construction period 2018 2019 72020 Costs incurred to date $3,600,000 $6,750,000 $9,000,000 Activate Windows Estimated costs to complete 4,400,000 2,250,000 -0 to Sing Window Progress billings to date 4,000,000 8,000,000 12,000,000 Cash collected to date 3,000,000 8,000,000 12,000,000 Requirements: hp