ad Improvements, choose Check for Updates Styles Pan LLL Chi 2.On January 1, 2014 Beckwith Co. obtained a contract to construct a building. It was estimated at the beginning of the contract that it would take three years to complete the project at an expected cost of $200,000. The contract price was $250,000. The following information describes the status of the job at the close of production each year: 2014 2015 2016 Actual costs incurred $110,000 $115,000 $15,000 Estimated costs to complete 100,000 20,000 Compute the items listed below for each year assuming the use of the percentage-of-completion cost-to- cost method. (Round all percentages to two decimals). 2015 2016 1. Revenue recognized during the 2014 year 2. Construction costs (expense) recognized during the year I 3. Gross profit recognized during the year Focus