on 3/1/20x, constructo corp. contracted to build a new office building for x co. at a fixed contract price of $500,000.construction began in mid 20x1,continued through 20x2 and was completed in mid 20x3.the contract also provided for progress billings at presspecified point during the construction process. the schedule below summarises constructo costs, billings and collections during three year period. constructo accounting year ends 12/31. a. assuming that constructo recpognizes revenue over time using the percentage completrion method. what amount of gross profit shoul be recognize in each of the 3 years

b. how would your answers differ if constructo recognizes revenue at a point in time using the completed contract method