On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $5,730,000. Marsh estimated total construction costs would be $3,944,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows:

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2017, 2018, and 2019.

Percentage-of-Completion Gross Profit

2017-

2018-

2019-

Completed-Contract Gross Profit

2017-

2018-

2019-

Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 2017 2018 2019 $1,479,000 $2,598,000 $4,565,000 2,465,000 1,732,000 -0- 2,130,000 3,944,000 1,930,000 3,430,000 5,530,000 5,430,000