EAP-5 Ruiz Construction Company currently has one long-term construction project. The project has a contract price of $140,000,000, with total estimated costs of $100,000,000. Ruiz appropriately uses the percentage-of-completion method. After 2 years of construction, the following costs have been accumulated. Determine gross profit for construction projects. (SO 5) Actual cost incurred, Year 1 $30,000,000 Total estimated cost remaining after Year 1 Actual cost incurred, Year 2 70,000,000 Total estimated cost remaining after Year 2 50,000,000 20,000,000 24 Accounting Principles Instructions Determine the gross profit for each of the first 2 years of the construction contract.