(Recognition of Profit on Long-Term Contract) Shanahan construction Company has entered into a n on-cancellable contract beginning January l, 2017' to build a parking complex. It has been estimated that the com- ples will cost and will take three years to construct. The complex will be billed to the purchasing company at The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date Instructions 2017 $270,000 330,000 270,000 240,000 2018 150,000 550,000 500,000 2019 $610.000 900,000 900,000 (a) Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.