Please read before responding to problem!!Please clearly show all calculations!!! Show calculations for ALL journal entries in part 4 specifically. Please also answer part 5 and show calculations!! Be very clear for calculations in part 1-3 also!!

Please do not repost already posted answer to this problem. Please show all calculations for each part clearly!

Please answer all 5 parts and show all calculations for each answer.

Dana Company is building an office building for Wilmington Company for $20,000,000. The contract has the following characteristics:

The office building is built to the customers specifications and the customer can make changes to these specifications over the contract term.

Progress payments are made by the customer throughout construction.

The customer can cancel the contract at any time (with a termination penalty); any work in process is the property of the customer.

Dana Company provides you with the following details:

December 31,
	2019	2020	2021
Costs incurred to date	$8,000,000	$16,000,000	$18,000,000
Estimated costs to complete	6,000,000	3,000,000
Billings to date	8,000,000	16,000,000	20,000,000
Collections to date	6,000,000	12,000,000	18,000,000

Instructions:

1. Calculate the estimated total gross profit on the contract as of December 31, 2019, 2020, and 2021.

2. Calculate the percentage of completion for 2019, 2020, and 2021.

3. Calculate the amount of income (loss) Dana Company will recognize for 2019, 2020, and 2021.

4. Prepare all journal entries related to this project for Dana Company for 2019.

5. How will this project be carried on the balance sheet for 2019?