QUESTION 2- Revenue Recognition (28 points plus 3 bonus point)octo In 2017, Chicago Construction began work on a three-year constr uction project to build a new of-completion method of performing arts complex (the "PAC"). Chicago uses the percentage- accounting. At the end of2017, the company completed 25% of the project. The following financial statement information indicates the results to date for the PAC at the end of 2017: Actual Cost incurred in 2017 Construction in progress (as of 12/31/2017) $35 million Accounts Receivable from construction billings (as of 12/31/2017) $50 million $60 million Additional information: As of 12/31/2017, management's estimat e of total cost indicates that the tion has been collected in project will be profitable. Zero cash regarding the billings on the construc 2017 a) Prov ide the journal entry to record revenue, cost of goods sold from the construction for the year 2017 and journal entry to record billings (two journal entries),.10 pts