6. 8 a. Shanahan Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period- 2017 2018 2019 Costs to date $270,000 $450,000 $610,000 Estimated costs to complete 330,000 150,000 -0- Progress billings to date 270,000 550,000 900,000 Cash collected to date 240,000 500,000 900,000 Required: i. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. ii. Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. b. Gucci Incorporation began selling goods on the installment basis on January 1, 2012. During 4.5 2012, Gucci had- Installment sales $165,000 Cash collections $61,000+last three digits of your ID Cost of installment sales $110,550 Required: Using the installment-sales method, prepare the company's entries to record- i. Installment sales ii. Cash collected iii. Cost of installment sales iv. Deferral of gross profit and v. Gross profit recognized