Income recognition for a contractor. On October 15, 2010,Flanikin Construction Company contracted to build a shopping centerat a contract price of $180 million. The schedule of expected andactual cash collections and contract costs is as follows:

Year Cash collections from Customers Estimated and Actual CostIncurred

2010 $36,000,000 $12,000,000

2011 45,000,000 36,000,000

2012 45,000,000 48,000,000

2013 54,000,000 24,000,000

   $180,000,000 $120,000,000

A) Calculate the amount of revenue, expense, and net income foreach of the four years under the following revenue recognitionmethods:

(1)    Percentage-of-completion method.

(2)    Completed contract method.

B) Show the journal entries Flanikin will make in 2010, 2011,2012, and 2013 for this contract. Flanikin accumulates contractcosts in a Contract in Process account. Although the costs involvea mixture of cash payments, credits to assets, and credits toliability accounts, assume for purposes of this problem that allcosts are recorded as credits to Accounts Payable.

C) Which method do you believe provides the better measure ofFlanikin Construction Company’s performance under the contract?Why?

Can somebody please show me how to calculate this in EXCEL. Stepby step excel calculations need to be shown with screenshots. Thankyou.