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1. Strong Construction Company LLC has entered into a contract beginning January 1, 2016, to build a parking complex. It has been estimated that the complex will cost $6000000 and will take 3 years to construct. The complex will be billed to the purchasing company at $9000000. The following data pertain to the construction period. 2016 2017 2018 Costs to date $2700000||4500000||$6100000 Estimated costs to complete 3300000 1500000 Progress billings to date 2700000 5500000 9000000 Cash collected to date 2400000 5000000 9000000 -0- Instructions (a). Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (3 Marks) (b). Using the cost-recovery method, compute the estimated gross profit that would be recognized during each year of the construction period. (2 Marks)