On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,158,000 and will take 3 years to complete. The contract price was $3,428,000. The following information pertains to the construction period. 2012 2013 2014 Costs to date $755,300 $1,421,420 $2,182,000 Estimated costs to complete 1,402,700 580,580 0 Progress billings to date 861,000 2,053,000 3,428,000 Cash collected to date 818,000 1,906,000 3,303,000 (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2012 $ Gross profit recognized in 2013 $ Gross profit recognized in 2014 $