Pickle Company has contracted to build for the city of Charleston a new school.The estimated cost is $6,000,000 and the contract price is $9,000,000.The school took three years to complete as follows:

2020 2021 2022

Costs to Date $1.500,000 $4,000,000 $6,200,000

Costs to Complete $4,500,000 $2,200,000 $0

Amounts Billed to Date $1,300,000 $5,800,000 $9,000,000

Collections to Date $1,300,000 $4,300,000 $9,000,000

a) Determine using the percentage of completion method the gross profit to be recognized for:

2020 2021 2022

b) Determine using the completed contract method the gross profit to be recognized for:

2020 2021 2022