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In: AccountingStoney Run Construction Company (U.S. GAAP) enters into a 3-yearcontract to build a new warehouse...Stoney Run Construction Company (U.S. GAAP) enters into a 3-yearcontract to build a new warehouse facility. Information for Years1, 2, and 3 is shown below:Year 1Year 2Year 3Sale price$2,800,000$2,800,000$2,800,000Estimated costs1,600,0002,000,0002,000,000Costs incurred to date (paid in cash)400,000900,0002,000,000Billed to date250,0001,150,0002,800,000Received in cash to date190,000950,0002,800,000Question 4:Calculate the gross profit booked in Year 2:Question 5:Book the following journal entries for Year 2:1-Record costs incurred2-Record billings on contract3-Record payments received4-Record revenue/cost during construction period