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estimated that the complex will take 3 years to construct Information related to the contract is provided below Colfax Construction Company has entered into a contract beginning January 1, 20X0, to build a parking complex. It is 20X2 COLFAX CONSTRUCTION COMPANY INFORMATION RELATING TO CONTRACT FOR PARKING COMPLEX FOR YEARS ENDING DECEMBER 31, 2020 THROUGH 20X2 20XO 20X1 Total Contract Price Total Estimated Costs of Contract 900,000 600,000 Total Actual Costs incurred to Date Estimated Costs to Complete 270,000 $ 330,000 150,000 Total Progress Billings to Date 270,000 550,000 Total Cash Collected to Date 240,000 500,000 450,000 $ 610.000 000,000 900.000 REQUIRED: (1) Using the percentage of completion method for recognizing revenue on long term construction projects, calculate the estimated revenue to be recognized during each year of the construction project. Round your percentage of completion to two decimal places (four decimal places in all) and the dollar amounts for the revenue to the nearest whole dollar. (2) Using the percentage of completion method for recognizing revenue on long term construction projects, calculate the gross profit to be recognized for each year of the construction project (3) Prepare all summary journal entries, including closing entries, in proper general journal form, to record the transactions for this contract for the year ending December 31, 20x0. Provide a brief explanation for each journal entry made. (4) Prepare all summary journal entries, including closing entries, in proper general journal form, to record the transactions for this contract for the year ending December 31, 20X1. Provide a brief explanation for each journal entry made. (5) Prepare all summary journal entries, including closing entries, in proper general journal form, to record the transactions for this contract for the year ending December 31, 20X2. Provide a brief explanation for each journal entry made. 20X2 20x0 COLFAX CONSTRUCTION COMPANY CALCULATION OF ESTIMATED REVENUE ON PARKING COMPLEX CONTRACT FOR YEARS ENDING DECEMBER 31, 20X0 THROUGH 20X2 20X1 Total Actual Costs Incurred to Date on Project Divided By Total Estimated Costs to be incurred on Project Percentage of Completion on Project to Date Times Contract Price Total Estimated Revenue Recognized to Date Less: Total Revenue Recognized in Previous Years Total Estimated Revenue to Recognize For Year 20X2 COLFAX CONSTRUCTION COMPANY CALCULATION OF ESTIMATED REVENUE ON PARKING COMPLEX CONTRACT FOR YEARS ENDING DECEMBER 31, 2020 THROUGH 20X2 20XO 20X1 Revenue Recognized on Contract For Year Less: Actual Costs For Year Gross Profit Recognized on Contract For Year