*P17.9 (LO 5, 6) 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 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2025 $270,000 2026 $450,000 2027 $610,000 330,000 150,000 -0- 270,000 240,000 550,000 500,000 900,000 900,000 a. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. b. Using the cost-recovery method, compute the estimated gross profit that would be recognized during each year of the construction period