Percentage-of-Completion Analysis Espiritu Construction Co. has used the cost-to-cost percentage-of-completion method of recognizing revenue. Tony Espiritu assumed leadership of the business after the recent death of his father, Howard. In reviewing the records, Tony finds the following information regarding a recently completed building project for which the total contract was $2,000,000 2014 2015 2016 Gross profit (loss)... Cost incurred. $ 75,000 360,000 $140,000 $(20,000) ? 820,000 Espiritu wants to know how effectively the company operated during the last three years on this project and, because the information is not complete, has asked for answers to the following questions. 1. How much cost was incurred in 2015? 2. What percentage of the project was completed by the end of 2015? 3. What was the total estimated gross profit on the project by the end of 2015? 4. What was the estimated cost to complete the project at the end of 2015? 2014 2015 2016 (1) Actual Cost incurred to Date n/a n/a n/a (2) Estimated cost to complete n/a n/a (3) Total Estimated cost n/a n/a n/a (4) Percentage of completion to date (1/3) n/a n/a Contract Price n/a n/a n/a Partial Income Statement Recognized Revenue n/a n/a n/a Less: Actual Cost incurred to date (from 1) n/a n/a n/a (6) Gross Profit n/a n/a n/a