King Corporation started the construction of a building during 2017 at a contract price of $5,000,000. The contract to build was non-cancellable and they managed to complete the project in 2019 as anticipated. Billings are non- refundable and under the terms of the project, King sends billings to the vendor as revenues are earned. The following additional information is available: 2017 $ 800,000 2,400,000 2018 $2,500,000 2,500,000 2019 $4,800,000 0 Costs to-date Estimated costs to complete Required: a. Calculate the amount of revenue to be recognized each year using the percentage of completion method. (2017, 2018 & 2019) b. c. What is the amount of gross profit/loss that should be recognized each year under the completed-contract method? Calculate the amount of gross profit/loss that should be recognized (2017, 2018 & 2019) each year using the percentage-of-completion method