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a In February 2020, Hawklee Construction signed a contract and commenced construction on a Head Office building for a customer. The total contract price was $88.3 million and was expected to be completed in July 2024 at a total estimated cost of $81.0 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the Head Office building and was able to make major changes to the project during the construction process. Hawklee's year-end is September 30 and it uses the percentage-of-completion method of accounting. By the end of September, 2020, Hawklee had incurred $20,250,000 in costs and had invoiced s 7,600,000 in progress billings. $ 7,100,000 of the progress billings had been collected INSTRUCTIONS Calculate the revenue and amount of gross profit to be recognized by Hawklee for the year ended September 30, 2020. (2 marks) b. By September 30, 2021, Hawklee had incurred S 39,000,000 in total costs and had invoiced $45,100,000 in progress billings, including the progress billings in 2020. Of the total billing $30,900,000 in total had been collected. Also, Hawklee reviewed its cost estimates eo the project, and now believed the building would cost $78.0 million in total to complete (i) Calculate the revenue to be recognized for the year ended September 30, 2021, and a Prepare all journal entries that should be recorded by Hawklee for the year ended September 30, 2021 relating to its construction of the Head Office building. (10 marks)

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