Cullumber Construction Company has entered into a contract beginning January $1,2025,$ to build a parking complex. It has been estimated that the complex will cost $$599,000$ 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.Your answer is correct.

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 $0,$ please enter $0.$ Do not leave any fields

blank.$)$

Gross profit recognized in $2025,$$

Gross profit recognized in $2026,$$

Gross profit recognized in $2027,$$$($b$).$

Using the cost$-$recovery 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 $2025$$

Gross profit recognized in $2026$$

Gross profit recognized in $2027$$

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