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Burn Construction company has entered a 4 year contract to construct a bridge (of course, what else could it be?) with a contract price of \$16,000,000. The project qualfies that revenue be recognized over time. Information regarding the project for the first 2 years is found on the schedule below. Round all figures to whole dollar or decimal amounts in Excel. Requirements: 1. For 2021 provide the following: * Estimated gross profit * Percentage of completion * Revenue to be recognized * Gross profit recognized * Contract entries as indicated on the Excel file 2. For 2022 provide the following: * Estimated gross profit * Percentage of completion * Revenue to be recognized * Gross profit recognized * The entry to recognize gross profit of loss (no other entries for 2022). 3. For 2022 provide the balance sheet disclosure associated with the contract. Burn Construction company has entered a 4 year contract to construct a bridge (of course, what else could it be?) with a contract price of \$16,000,000. The project qualfies that revenue be recognized over time. Information regarding the project for the first 2 years is found on the schedule below. Round all figures to whole dollar or decimal amounts in Excel. Requirements: 1. For 2021 provide the following: * Estimated gross profit * Percentage of completion * Revenue to be recognized * Gross profit recognized * Contract entries as indicated on the Excel file 2. For 2022 provide the following: * Estimated gross profit * Percentage of completion * Revenue to be recognized * Gross profit recognized * The entry to recognize gross profit of loss (no other entries for 2022). 3. For 2022 provide the balance sheet disclosure associated with the contract

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