Percentage-of-completion and completed-contract methods.On February 1, 2007, Nance Contractors agreed to construct a building at a contract priceof $6,000,000. Nance estimated total construction costs would be $4,000,000 and the project would be finished in 2009. Information relating to the costs and billings for thiscontract is as follows:

2011 2012 2013

Total costs incurred to date $1,500,000 $2,640,000 $4,600,000

Estimated costs to complete 2,500,000 1,760,000 -0-

Customer billings to date 2,200,000 4,000,000 5,600,000

Collections to date 2,000,000 3,500,000 5,500,000

Percentage of complete gross profit:

2011____________________________

2012____________________________

2013____________________________

Completed-Contract Gross profit:

2011____________________________

2012____________________________

2013____________________________