REQUIRED Aylmer Inc signed a 3-year contract to construct a new school on January 1, Y3 for Construction began in Y3. Aylmer has a December 31 year end. Data relating to the construction project is below: $28,092,775 Costs to date Estimated costs to complete Progress billings during the period Cash receipts during the period Y3 Y4 Y5 3,371,133 7,865,977 13,484,532 14,608,243 4,494,844 0 10,113,399 8,989,688 16,855,665 15,731,954 1,123,711 3,371,133 1. Prepare ALL the appropriate journal entries for Y3 assuming Aylmer uses the percentage-of-completion method. 2. For Y3, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method. 3. For Y3, under the percentage-of-completion method, what is the balance in accounts receivable? 4. For Y4, under the percentage-of-completion method, how much revenue should be recognized?