please show work

2022 Problem 3 (14 points) On February 1, 2020, Kenny Contractors agreed to construct a building at a contract price of 56,000,000, Kenny estimated total construction costs would be $4,000,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: 2020 2021 Total costs incurred to date $1,750,000 $2,475,000 $4,600,000 Estimated costs to complete 2,250,000 2,025,000 Customer billings to date 2,200,000 4,000,000 6,000,000 Collections to date 2,000,000 3,500,000 6,000,000 Instructions a. Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2020, 2021 and 2022. Percentage-of-Completion Completed-Contract Gross Profit Gross Profit 2020 2020 2021 2021 2022 2022 b. Make all necessary journal entries for 2020 2021 and 2022 assuming that the percentage-of- completion method is used