Pharoah Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $620,000 and will take three years to construct. The complex will be billed to the purchasing company at $985,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $279,000 $465,000 $630,000 Estimated costs to complete 341,000 155.000 0 Progress billings to date (non-refundable) 279,000 570,000 985,000 Cash collected to date 249,000 520.000 985.000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/(loss) $ 279000 $ $ Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/(loss) $ $ $ e Textbook and Media List of Accounts