In 2004, XYZ Company started a construction project with a contract price of $4,500,000. The job was completed in October 2006. The following information is available. Data: Contract price: $4500000 Start Date: Jul 2004 Estimated Cost: $4000000 Finish: October 2006 Balance sheet date: December 31st Given: 2004 2005 2006 Costs to date $1,000,000 $2,916,000 $4,050,000 Estimated costs to complete $3,000,000 $1,134,000 $ -O- Progress billings during year $ 900,000 $2,400,000 $1,200,000 Cash collected during year $ 750,000 $1,750,000 $2,000,000 a) Using the percentage of completion method, prepare a schedule to calculate the amount of revenue, gross profit to be recorded each year. b) Calculate the amount of gross profit to be recognized each year, assuming the completed-contact method