Flint Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $602,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period.

2017 2018 2019

Costs to date $246,820 $421,400 $611,000

Estimated costs to complete 355,180 180,600 0

Progress billings to date 269,000 554,000 901,000

Cash collected to date 239,000 504,000 901,000

(a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.)

Gross profit recognized in 2017

$

Gross profit recognized in 2018

$

Gross profit recognized in 2019

$

(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.)

Gross profit recognized in 2017

$

Gross profit recognized in 2018

$

Gross profit recognized in 2019

$