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Jasmine Developments Inc. (JDI) is building an apartment building for a contract price of $68,000,000. This is estimated to be a three-year project with an

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Jasmine Developments Inc. (JDI) is building an apartment building for a contract price of $68,000,000. This is estimated to be a three-year project with an estimated cost of $54,000,000. JDI uses the percentage of completion method of revenue recognition, using the cost-to-cost method of estimating the percentage complete. The following is the best available information at the end of each year: Required: Compute the amount of gross profit to be recognized in Year 1, Year 2, and Year 3. Show computations in tabular form provided below

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