pen Response 2 (15 points) On February 1, 1882, Jacobsen Gonna Build dat House Construction Company Incorporated, LLC agreed to construct a boat at a contract price of $5,800,000. JGBdHCC estimated total construction costs would be $4,000,000 and the project would be finished in 1884. Information relating to the costs and billings for this contract is as follows: 1884 $4,600,000 -0- 1883 $2,640,000 1882 Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date $1,500,000 2,500,000 2,200,000 2,000,000 1,760,000 4,000,000 3,500,000 5,600,000 5,500,000 Instructions Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 1882, 1883, and 1884 Percentage-of-Completion Gross Profit Completed-Contract Gross Profit 1882 1882 1883 1883 1884 1884