Hinson Construction Company began work on a new building project on January $1,2019.$ The project is to be completed by December $31,2021,$ for a fixed price of $$108$ million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Hinson $\text{'}$s accounting staff:

$\backslash$table$[[$Years$,$Actual costs incurred in each year,$\backslash$table$[[$Estimated remaining costs to complete the$],[$project $($measured at Dec. $31$ of each year$)]]],[2019,$$$30$ million,$$60$ million$],[2020,$$$45$ million,$$45$ million$],[2021,$$$35$ million,$$0]]$

Required: What amount of gross profit $($or loss$)$ would Hinson record on this project in each year, assuming that Hinson recognizes revenue for this project upon completion of the project? Show supporting computations.

Required: What amount of gross profit $($or loss$)$ would Hinson record on this project in each year, assuming that Hinson recognizes revenue for this project over time according to percentage of completion? Show supporting computations.