Question 1 Penner Builders contracted to build a high-rise for $29,200,000. Construction began in 2018 and is expected to be completed in 2020. Data for 2018 and 2019 are: 2018 $3,720,000 $11,024,000 2019 Costs incurred to date Estimated costs to complete 14,880,000 10,176,000 Penner uses the percentage-of-completion method How much gross profit should be reported for 2018 Gross profit SHOW LIST OF ACCOUNTS How much gross profit should be reported for 2019 Gross profit SHOW LIST OF ACCOUNTS