Revenue Recognition Project

Please JUST SOLVE QUESTION $5,$ the rest have been solved.

In $2024,$ the Roadrunner Construction Company entered into a contract to construct a road for

Southwestern Desert County for $$10,000,000.$ The road was completed in $2026.$ Information related to

the contract is as follows:

Roadrunner recognizes revenue over time according to percentage of completion.

Required:

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years.

$2$Prepare all the necessary journal entries for each three year $($credit "Cash, Materials, etc." for

construction costs incurred$).$

Prepare a partial balance sheet for $2024$ and $2025$ showing any items related to the contract.

Indicate whether any of the amounts shown are contract assets or contract liabilities.

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years,

assuming the following costs incurred and costs to complete information.

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years,

assuming the following costs incurred and costs to complete information.