Google Fiber signed a contract and hired Patrick Wirelines to build a new data center in Aksarben. They signed a fixed price contract for 80,000. Additional information about the contract is included in the schedule with the problem worksheets. Required 1. Using the Percentage of Completion Method for each year report the amount of Revenue and Gross Profit or Loss that should be recognized 2. Using the Completed Contract Method for each year report the amount of Revenue and Gross Profit or loss to be recognized 2019 75,000 Cumulative Costs incurred Estimated remaining costs Estimated total Percent Complete Estimated Total GP 2016 15,000 45,000 60,000 25% 20,000 2017 35,000 35,000 70,000 50% 10,000 2018 60,000 25,000 85,000 71% -5,000 75,000 100% 5,000