Please work through the following questions using both completed contract method and percentage-of-completion method. Please prepare journal entries, t-accounts for CIP and Billings on CIP, and ending balance for B/S and I/S for the transactions given below. Ex1-1.a : We are building a Road. During 1995 we spent $800,000 on DM, DL, and OH. We billed the state $600,000 for the portion finished. We plan to spend $ 700,000 to finish the job during 1996. We plan to bill the state $1,650,000 in 1996. CIP Billings on CIP B/S I/S 1995: 1996: 1997: b. In 1996, actual costs are $750,000 and we expect to spend another $100,000 in 1997 to finish up. We bill $1,300,000 in 1996 and will bill $350,000 in 1997. c. For 1997, we spend $100,000 to finish up. We bill the remaining $350,000. This question follows directly after Exl- 1.a. (Please skip Ex1-1. b&c) Ex1-2: In 1996 actual costs are $750,000 and we estimate we will need to spend $800,000 in 1997 to finish up. We bill $1,300,000 in 1996 and will bill $350,000 in 1997