During 2025, Crane Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

2025 2026 2027

Cost incurred 430,000 819,750 1,071,000

Estimated cost to complete 570,000 273,250 0

Billings to date 301,000 895,000 1,620,000

Collection to date 272,000 807,000 1,433,000

Compute the amount of gross profit to be recognized each year, assuming the cost recovery method is used:

2025 Gross Profit:

2026 Gross Profit:

2027 Gross Profit: