$*$P$17\mathrm{.}9($LO $55,$ Excel $($Recognition of Profit on Long$-$Term Contract$)$

Shanahan Construction Company has entered into a contract beginning January $1,$

$2025,$ to build a parking complex. It has been estimated that the complex will cost

$$600,000$ and will take $3$ years to construct. The complex will be billed to the

purchasing company at $$900,000.$ The following data pertain to the construction

period.

INSTRUCTIONS:

$1-$ Using the percentage$-$of$-$completion method, compute the estimat