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 $602,000and 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$611,000Estimated costs to complete355,180180,6000Progress billings to date269,000554,000901,000Cash collected to date239,000504,000901,000

(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$