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6.36 (LO 12, 14) (Recognition of Profit on Long-Term Contract) Shanahan 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 $600,000 and will take three years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $270,000 $450,000 $610,000 Estimated costs to complete 330,000 150,0000 Progress billings to date (non-refundable) 270,000 550,000 900,000 Cash collected to date 240,000 500,000 900,000 Instructions a. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. b. Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period