during 2014 nilsen company started a construction job with a contract price of 2,000,000.The job was completed in 2016. The following information is available. 2014. 2015. 2016 Cost 300,000. 825,000. 1,070,000 incurred estimated costs to complete. 700,000. 275,000. 0 billing to date. 300,000. 900,000. 2,000,000 collections to date. 270,000. 810,000. 1,425,000

Required compute the amount of revenue and gross profit to be recognized each year using 1. Revenue over time method (percentage of completion method)

2. Completed contract method