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2 Shanahan Construction Company has entered into s contract beginning January 1, 2017, to build a parking complex. It is estimated that the complex will take 3 yearn to oonstract. Additional information follows 3 4 Estimated cost of complex Contract price 5 600,000 6 900,000 7 The following data pertain to the construction period 8 9 10 2017 2018 2019 Costs to date Estimated costs to complete 11 270,000 330,000 270,000 240,000 450,000 S 610,000 12 S 150.000 Progress billings to date Cash collected to date 13 550,000 t 500,000 900,000 900,000 14 S 15 16 Instructions: When there is no applicable answer figure for an item, you mast enter 0. (a) Using the percentage-of-completion method, compute the estimated gross profit to be recognized during cach year of the construction period 17 18 19 20 2017 2018 2019 21 Contract price 22 23 Estimated total cost 24 Estimated total gross profit 25 26 Celeuiation of eross nrofit so he recne 27 Estimated total gross profit Calculation of gross profit to be recognized in cach year Gross profit for 2017 Estimated total gross profit 2017 Costs to date X Estimated total cost Gross profit recognized until the end of previous Estimated total 2018: Costs to date Estimated total cost gross profit ar enter this as a positive number Gross profit recognized for 2018 Gross profit till end of 2019 2019: Gross profit recognized until the end of previous enter this as a negative number year Gross profit recognized for 2019 Gross profit recognized for 2019 (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during cach year of the construction period. 2017 Total contract price Total contract cost Total gross profit= Total contract price 2018: Total contract cost Total gross profit Total contract price 2019 Total contract cost Total gross profit