1	(20 pts)
	Pumpkin Company has contracted to build for the city of Peoria a new school. The estimated cost is $7,000,000
	and the contract price is $10,000,000. The school took three years to complete as follows:
				2020	2021	2022
	Costs to Date			$3,500,000	$5,250,000	$7,250,000
	Costs to Complete			$3,500,000	$2,000,000	$0
	Amounts Billed to Date			$3,300,000	$6,700,000	$10,000,000
	Collections to Date			$1,300,000	$5,300,000	$10,000,000

a

Determine using the percentage of completion method the gross profit to be recognized for:

b

Determine using the completed contract method the gross profit to be recognized for :