Font 1 Voice 2 Sensitivity Editor 4 7 PROBLEM 24 On February 1, 2018, Marsh Contractors agreed to construct a building at a contract price of $20,000,000. Marsh estimated total construction costs would be $12,000,000 and the project would be finished in 2020. Information relating to the costs and billings for this contract is as follows: 2022 $5,880,000 -0- 2020 2021 Costs incurred during the $4,500,000 $3,420,000 year Estimated costs to 7,500,000 5,280,000 complete Customer billings during the 6,600,000 5,400,000 year Collections during the 6,000,000 5,500,000 year 8,000,000 8,500,000 Instructions Fill in the correct amounts on the following schedule. Show the gross profit that should be recorded for 2020, 2021, and 2022 using the percentage-of completion accounting method. Show the gross profil that should be recorded for 2020, 2021, and 2022 using the completed-contract accounting method. Enter number with commas, no dollar sign. Percentage of completion Gross Completed Contract Profit Gross Profit 2020 2020 2021 2022 2021 2022