Problem 2. Recognizing Revenue Over Time and Upon Completion Based on % of Completion, 5 points McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below: 2018 $1,300 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 $1,500 1,200 1,200 1,000 1,300 1,500 1. Compute the amount of revenue and gross profit recognized during 2017 and 2018. 2. Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar. 3. Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar. Problem 2. Recognizing Revenue Over Time and Upon Completion Based on % of Completion, 5 points McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below: 2018 $1,300 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 $1,500 1,200 1,200 1,000 1,300 1,500 1. Compute the amount of revenue and gross profit recognized during 2017 and 2018. 2. Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar. 3. Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar