On January 1, 2018, Grumpy Contractors agreed to construct a building at a contract price of $5,000,000. Grumpy estimates that the project will be finished in 2020. Information related to the costs and billings for this contract are as follows:

	2018	2019	2020
Total costs incurred to date	$1,500,000	$3,300,000	$4,400,000
Estimated costs to complete	2,500,000	1,000,000	-0-
Customer billings to date	1,200,000	2,700,000	4,400,000
Collections to date	1,000,000	2,500,000	4,400,000

Instructions: Assuming the building was finished in 2020, calculate the gross profit that would be recorded for 2018, 2019 and 2020 using the: a) Completed contract method. b) Percentage of completion method.