How do I compute the estimated gross profit that would be recognized during each year of the construction period, using the percentage-of-completion method?

Your answer is partially correct. Try again. Cullumber Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $256,280 $429,120 $606,000 Estimated costs to complete 339,720 166,880 0 Progress billings to date 270,000 555,000 902,000 Cash collected to date 240,000 505,000 902,000 (a) Using the percentage-of-completion method, compute the estimated gross prot that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) E Gross prot recognized in 2020 $ 128$ . . l3 Gross prot recognized In 2021 86420 . . l3 Gross prot recognized In 2022 $ 81440 W