Puestion 13 23 points Save Answer Watson Craft Building was the low bidder to construct a new office complex for Missoula County for $2,600,000. The project was begun in 2021 and completed in 2023. Cost and other data are presented below: 0 2021 2022 2023 Costs incurred during current year $ 450,000 $1,100,000 $660,000 Estimated costs to complete $1,760,000 $1,200,000 Billing during the year $780,000 $910,000 $910,000 Collections during the year $702,000 $837,200 $1,060,800 Watson Craft Building recognizes revenue over the period of the contract for similar situations. A. 7 points) How much profit would Watson Craft recognize in 2021? B. (4 points) Prepare the journal entry to record the sending of bill to Missoula County in 2021. C. (4 points) Prepare the journal entry to record the collection from Missoula County in 2021. D. (4 points) Prepare the journal entry to record the purchase of material, labor, etc. for the project in 2021. E. (4 points) Prepare the journal entry to record the recognition of the appropriate profit for 2021