Problem V: (23 points) Wake Construction Inc. has the following information for a job started in 2019. The job has a contract price of $4,000,000 and is estimated to take several years to complete. The company has determined its performance obligation is satisfied over time. The following information is available for 2019-2021: 2021 $800,000 Costs incurred during the year Estimated costs to complete Billings during the year Collections during the year 2019 $ 400,000 600,000 1,000,000 900,000 2020 $ 500.000 350,000 1,500,000 1,300,000 1,500,000 1.800.000 Part A: After performing detailed calculations, complete the following chart showing the revenue and gross profit to recognize each year. Also complete the total row. Round the percentage complete to one decimal place when expressed as a percentage (Ex..62784 = 62.8%) (8 pts) Year Revenue Recognized Gross Profit Recognized 2019 2020: 2021: Total Accounting check: Does the total amount of revenue recognized over the entire three years equal the contract price? The answer should be yes. Space for Calculations: (or attach your own paper) (Calculations must be clearly shown in order to receive partial credit)Problem V (continued) Part B: Prepare in the following order the four summary journal entries for 2020 to record: (15 pts) construction costs incurred billings to customers cash collections from customers, and profit on the construction contract Debit Credit Date In 2020 to record construction costs incurred during 2020 In 2020 Date Debit Credit to record billings during 2020 In 2020 to record cash collections during 2020 In 2020 To record gross profit during 2020