Perfectionist Construction Company was the low bidder on an office building construction contract. The contract bid was $9,000,000, with an estimated cost to complete the project of $7,000,000. The contract period was 30 months starting May 1, 2014. The company uses the cost-to-cost method of estimating earnings. Because of changes requested by the customer, the contract price was adjusted downward to $8,600,000 on May 1, 2015.

A record of construction activities for the years 2014-2017 is as follows:

Year Actual Cost-Current Year Progress Billings Cash Receipts

2014 $1,900,000 $2,500,000 $1,900,000

2015 3,600,000 3,400,000 3,100,000

2016 1,670,000 2,700,000 2,500,000

2017 1,100,000

The estimated cost to complete the contract as of the end of each accounting period is:

2014... $5,150,000

2015... 1,600,000

2016... 0

Calculate the gross profit for the years 2014-2016 under the percentage-of-completion method of revenue recognition. (Note: Round percentage to two decimal places for percentage completed.)