3 of 4 View Policies Show Attempt History < > Current Attempt in Progress 12.5/25 E Ivanhoe Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build a parking complex. It has been estimated that the complex will cost $620,000 and will take three years to construct. The complex will be billed to the purchasing company at $930,000. The following data pertain to the construction period. 2023 2024 2025 Costs to date $279,000 $465,000 $630,000 Estimated costs to complete 341,000 155,000 0 Progress billings to date (non-refundable) 279,000 570,000 930,000 Cash collected to date 249,000 520,000 930.000 (a) Your answer is correct. (a) Your answer is correct. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg (45)) 2023 Gross profit/(loss) $ (b) eTextbook and Media 139500 2024 2025 93000 $ 67500 Attempts: 1 of 5 used Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the (b) Attempts: 1 of 5 used Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Gross profit/(loss) eTextbook and Media Save for Later 2023 2024 $ 2025 Attempts: 0 of 5 used Submit