Chapter 5 Hollywood Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. During 2016, Hollywood began work on a $3,000,000 fixed-fee construction contract, which was completed in 2019. The accounting records disclosed the following data at year-end: Cumulative Estimated contract costs costs to complete incurred at end of year 2016 $ 200,000 $1,800,000 2017 1,100,000 1,100,000 2018 2,000,000 400,000 21) Assuming that the "Estimated Costs to Complete" increase to $2.0M in 2017 in the information above and Hollywood applied the completed contract method, they should recognize how much gross profit for the 2017 year? $100,000 ($100,000) $266,667 $0 * What would be the 2017 loss if they used the percentage of completion method