marsh is KR

On February 1, 2014, KR Contractors agreed to construct a building at a contract price of $5,800,000. Marsh estimated total construction costs would be $4,000,000 and the project would be finished in 2016. Information relating to the cost and billings for the contact is as follows: 2014 2015 2016 Total costs incurred to date 1,500,000 2,640,000 4,600,000 Estimated costs to complete 2,500,000 1,760,000 Customer billings to date 2,200,000 4,000,000 5,600,000 Collections to date 2,000,000 3,500,000 5,500,000 Instructions Using the percentage-of-completion method of accounting for long-term contract revenue, calculate the Percentage of Completion cach year (the actual %) and the gross profit (in %) that should be recorded for 2014, 2015, and 2016