Concord Construction Company has entered into a contract beginning January $1,2020,$ to build a parking complex. It has been estimated that the complex will cost $$597,000$ and will take $3$ years to construct. The complex will be billed to the purchasing company at $$905,000.$ The following data pertain to the construction period.$($b$)$ Using the completed$-$contract method, compute the estimated gross profit that would be recognized during each year

of the construction period. $($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

Gross profit recognized in $2020$$

Gross profit recognized in $2021$

Costs to date

Estimated costs to complete

Progress billings to date

Cash collected to date

$2020$

$$256,710$

$340\mathrm{.}290$

$273\mathrm{.}000$

$243\mathrm{.}000$

$2021$

$$459690$

$137,310$

$549\mathrm{.}000$

$499\mathrm{.}000$

$2022$

$$607\mathrm{.}000$

$-0-$

$905\mathrm{.}000$

$905\mathrm{.}000$

$($a$)$ Using the percentage$-$of$-$completion method, compute the estimated gross profit that would be recognized during each year of the construction period. $($If answer is O$,$ please enter $0.$ Do not leave any fields blank.$)$

Gross profit recognized in $2020$

$

Gross profit recognized in $2021$

$

Gross profit recognized in $2022$

$$

$($b$)$ Using the completed$-$contract method, compute the estimated gross profit that would be recognized during each year of the construction period. $($If answer is $0,$ please enter $0.$ Do not leave any fields blank.$)$

SUPPORT

Gross profit recognized in $2020$

Gross profit recognized in $2021$

$