12 13 1 (20 pts) Pickie Company has contracted to build for the city of Charleston a new school. The estimated cost is $6,000,000 and the contract price is $9,000,000. The school took three years to complete as follows: 15 Costs to Date Costs to Complete 2020 2021 2022 $1,500,000 $4,000,000 $6,200,000 $4,500,000 $2,200,000 $0 Amounts Billed to Date Collections to Date $1,300,000 $5,800,000 $9,000,000 $1,300,000 $4,300,000 $9,000,000 17 18 19 20 21 22 23 24 a 25 26 27 28 29 30 31 32 33 Determine using the percentage of completion method the gross profit to be recognized for: 2020 2021 2022 35 36 37 b 18 19 Determine using the completed contract method the gross profit to be recognized for : 2020 2021 2022 10