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please show all work QUESTION 5 Safe Builder Co. contracted...

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Accounting

please show all work
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QUESTION 5 Safe Builder Co. contracted to build a high-rise for $7,000,000. Construction began in 2020 and is expected to be completed in 2022. Data for 2020 and 2021 are: 2020 2021 $900,000 $2,600,000 3,600,000 2,400,000 Costs incurred to date Estimated costs to complete Safe Builder Co. uses the percentage-of-completion method. Instructions (1) How much gross profit should be reported for 2020? Show your computation. (2) How much gross profit should be reported for 2021? Show your computation. (3) Make the joumal entry to record the revenue and gross profit for 2021. (4) If Safe Builder Co. uses completed-contract accounting, show the gross profit that should be recorded for 2020 and 2021 for the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mack BIVS Paragraph Open Sans, LV IXO 10pt III P > O 3 M

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