Question 2 During 2014, Antoinette started a construction job with a contract price of $2.8 million. The job was completed in 2016 and information for the three years of construction is as follows: 2014 2015 2016 Costs incurred to date $1,230,000 $1,765,000 $1,965,000 Estimated costs to complete 850,000 175,000 0 Billings to date 1,000,000 1,880,000 2,800,000 Collections to date 710,000 1,720,000 2,800,000 Under the earnings approach: * Question 2 Correct answer. Your answer is correct. Calculate the amount of gross profit / (loss) that should be recognized each year under the percentage-of-completion method. (Round percent complete to 2 decimal places, e.g. 52.75%. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gross Profit / (Loss) for 2014 $Entry field with correct answer 425769 Gross Profit / (Loss) for 2015 $Entry field with correct answer 356653 Gross Profit / (Loss) for 2016 $Entry field with correct answer 52577 Attempts: 3 of 4 used * Question 2 Prepare all necessary journal entries for 2014, 2015, and 2016, including closing the contract accounts upon comple tion of the contract, assuming the percentage-of-completion method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Year Account Titles and Explanation Debit Credit 2014 (To record the cost of construction) 2014 (To record progress billings) 2014 (To record cash collections) 2014 (To record revenue and gross profit / (loss)) Year Account Titles and Explanation Debit Credit 2015 (To record the cost of construction) 2015 (To record progress billings) 2015 (To record cash collections) 2015 (To record revenue and gross profit / (loss)) Year Account Titles and Explanation Debit Credit 2016 (To record the cost of construction) 2016 (To record progress billings) 2016 (To record cash collections) 2016 (To record revenue and gross profit / (loss)) 2016 (To record completion of the contract) Attempts: 0 of 4 used * Question 2 The parts of this question must be completed in order. This part will be available when you complete the part above. * Question 2 The parts of this question must be completed in order. This part will be available when you complete the part above.