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On February 1, 2014, Marsh Contractors agreed to construct a building at a contract price of $5,790,000. Marsh estimated total construction costs would be $3,992,000

On February 1, 2014, Marsh Contractors agreed to construct a building at a contract price of $5,790,000. Marsh estimated total construction costs would be $3,992,000 and the project would be finished in 2016. Information relating to the costs and billings for this contract is as follows:

2014 2015 2016
Total costs incurred to date $1,497,000 $2,634,000 $4,595,000
Estimated costs to complete 2,495,000 1,756,000 -0-
Customer billings to date 2,190,000 3,992,000 5,590,000
Collections to date 1,990,000 3,490,000 5,490,000

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2014, 2015, and 2016.

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