QUESTION 4 10 points Save Answer Question 4 Revenue - 10 MARKS Coathanger Construction Company commences construction of wide expansion bridge on 1 July 2018. It signs a fixed-price contract for total revenue of $180 million. The project is expected to be completed by the end of June 2021. The expected cost at the commencement of construction was $160 million. The expected costs to complete a construction project can change throughout the project. The following data relates to the project: 2019 (SM) 40 40 120 50 30 I Costs for the year Costs incurred to date Estimated costs to complete Progress billings during the year Cash collected during the year 2020 ($ M) 60 100 60 70 70 2021 (SM) 50 150 60 80 The contract is completed as expected on 30 June 2021. Coathanger Construction Company uses the percentage-of-completion method to account for its construction contract. Assume that company's financial year end 30 June. REQUIRED (a) Compute the gross profit to be recognised for each of the three years.(5 marks) (b) Provide the journal entries for year end 2019. Assume the stage of completion can be reliably determined. Exclude journal narrations