9. On February 1, 2017, Fast Contractors agreed to construct a building at a contract price of $17,400,000. Fast estimated total construction costs would be $12,000,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date Calculate gross profit using percentage-of-completion accounting method and using completed-contract method, for years 2017, 2018, and 2019 $4,500,000 7,500,000 6,600,000 6,000,000 $7,920,000 5,280,000 12,000,000 10,500,000 $13,800,000 16,800,000 16,500,000 accounting