Problem $2.$ Assume that Beavis uses the percentage$-$of$-$completion method for revenue recognition.Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $$2,000,000.$ The project was begun in $20$x$1$ and completed in $20$x$2.$ Cost and other data are presented below:Costs incurred during the year$20$x$11,200,00020$x$2500,000$Estimated costs to complete$400,000$Billings during the year$1,600,000400,000$Cash Collections during the year$1,700,000300,000$Required $(20$ points$)$:$1.$ Compute the amount of gross profit recognized during $20$x$1$ and $20$x$2(5$ points$)\mathrm{.}2.$ Write out the $4$ journal entries for $20$x$1(10$ points$)\mathrm{.}3.$ How would this contract show up in the income statement and balance sheet at the end of$20$x$1(5$ points$)?$