On February 1, 2015, Marsh 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 2017. Information relating to the costs and billings for this contract is as follows:

2015 2016 2017

Total costs incurred to date	1,500,000	2,640,000	4,600,000
Estimated costs to complete	2,500,000	1,760,000	-0-
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

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for cost-recovery accounting, show the gross profit that should be recorded for 2015, 2016, and 2017.

Percentage-of-Completion Cost-Recovery Gross Profit Gross Profit

2015 2015

2016 2016

2017 2017