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2020) for $2,000. 11-Percentage-of-completion and completed-contract methods. On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $17,400,000. Marsh estimated total construction costs would be $12,000,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows 2017 $4,500,000 7,500,000 6,600,000 6,000,000 2018 2019 Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date $7,920,000 $13,800,000 5,280,000 12,000,000 10,500,000 16,800,000 16,500,000 Instructions Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2017, 2018, and 2019 Percentage-of-Completion Gross Profit Completed-Contract Gross Profit 2017 2018495 2019 2017 2018 2019 12-Franchises Pasta Inn charges an initial fee of $2,400,000 for a franchise, with $480,000 paid when the