Jackson Construction has entered into a contract to build a large taco factory for $220,000. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows:

	First year	Second year	Third year
Costs during year	40,000	80,000	50,000
Estimated costs to complete	120,000	80,000	--

How much gross profit should be recognized a the end of each year, assuming Jackson recognizes revenue over time according to percentage of completion?