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Question 1 Sky Construction Company has entered into a contract beginning January 1, 2023, to...

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Question 1 Sky Construction Company has entered into a contract beginning January 1, 2023, to build a shopping mall. The mall will be billed to the purchasing company at $1,800,000. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Shanahan for 2023-2025 are given below. E- a. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. Prepare all necessary journal entries in 2023 - 2025. b. Using the cost-recovery method, compute the estimated gross profit that would be recognized during each year of the construction period. Prepare all journal entries which are DIFFERENT from (a) in 2023 - 2025

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