SMART Engineering Corp. has entered a contract beginning January 1, 2018, to build a bridge in the city of Edmonton. It estimates that the bridge will cost $14.9 million and will take three years to construct. The bridge will be billed to the municipality at $15.64 million. The following data are for the construction period: 2018 2019 2020 Costs to date $4,350,000 $12,050,000 $15,714,000 10,510,000 3,814,000 -0- Estimated costs to complete Progress billings to date 4,450,000 8,260,000 15,640,000 Cash collected to date 2,850,000 7,260,000 15,640,000 1. Using the percentage-of-completion method, calculate the estimated gross profit or loss that would be recognized during each year of the construction period by attaching an excel sheet with the same format as below. Round percentages to 2 decimal places (e.g. 34.65%) and round dollar amounts to the nearest whole dollar (e.g. $100). (10 marks) 2018 2019 2020 Contract Price $15,640,000 $15,640,000 $15,640,000 0 Opening balance of costs Costs incurred during the year 4,350,000 7.700.000 12,050,000 3,664.000 4,350,000 BACK TO MYNAIT Y $100). (10 marks) 2018 2020 Contract Price 2019 $15,640,000 $15,640,000 $15,640,000 0 Opening balance of costs Costs incurred during the year Costs incurred to date Estimated costs to complete =Total estimated costs 4,350,000 4,350 poo 10.510,000 4,350,000 7,700,000 12,050,000 3,814,000 15,864,000 12,050,000 3,664,000 15,714,000 0 15.714,000 14,860,000 Percent Complete Revenue to date Less: previous rev recognized =Revenue for the year Construction costs for the year Gross profit for the year 2. Record all necessary journal entries for 2019 using the percentage of completion method. (10 marks) 1 " =