Indigo 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 $894,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $274,160 $417,200 $607,000 Estimated costs to complete 321,840 178,800 -0 550,000 894,000 Progress billings to date 272,000 Cash collected to date 242,000 500,000 894,000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 $ 137080 Gross profit recognized in 2021 71520 Gre rofit recognized in 2022 78400 (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is O, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 $ 137080 Estimated costs to complete 321,840 178.800 -0- Progress billings to date 272,000 550,000 894,000 Cash collected to date 242,000 500,000 894,000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 $ 137080 Gross profit recognized in 2021 $ 71520 Gross profit recognized in 2022 $ 78400 (b) Using the complted-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (if answer is O, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 137080 Gross profit recognized in 2021 71520 Gross profit recognized in 2022 $ 78400