Ex. 18-126-Percentage-of-completion method. Penner Builders contracted to build a high-rise for $21,000,000. Construction began in 2012 and is expected to be completed in 2015. Data for 2012 and 2013 are: 2012 2013 Costs incurred to date $2,700,000 $7,800,000 Estimated costs to complete 10,800,000 7,200,000 Penner uses the percentage-of-completion method. Instructions (a) How much gross profit should be reported for 2012? Show your computation (b). How much gross profit should be reported for 2013? (C) Make the journal entry to record the revenue and gross profit for 2013