PROBLEM 3: (12 points) an February 1, 2016, Marsh Contractors agreed to construct a building at a contract price of $5,800,000. Marsh estimated total construction costs would be $4,000,000 and the project would be finished in 2016. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date 2017 2018 Estimated costs to complete $1,500,000 $4,600,000 2,500,000 Customer billings to date 5,600,000 Collections to date 2,000,000 Instructions Using the percentage-of-completion method of accounting for long-term contract revenue, Calculate the Percentage of Completion each year (the actual %) and the gross profit (in $) that should be recorded for 2016, 2017, and 2018. 2016 2,200,000 $2,640,000 1,760,000 4,000,000 3,500,000 -0- 5,500,000