Blossom Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $625,000 and will take three years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period.

		2020		2021		2022
Costs to date		$281,250		$468,750		$635,000
Estimated costs to complete		343,750		156,250		0
Progress billings to date (non-refundable)		281,250		575,000		905,000
Cash collected to date		251,250		525,000		905,000

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 e.g. -45 or parentheses e.g. (45).)

		2020		2021		2022
Gross profit / (loss)		$		$		$

SHOW LIST OF ACCOUNTS

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 0 for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

		2020		2021		2022
Gross profit / (loss)		$		$		$