Question # 2: The Orlando Company is involved in a three-year long-term contract. The following data relate to this contract 2016 2017 2018 Total $160,000 Contract price $24,000 $24,000 56,000 104,000 Cost incurred each year Cost incurred to date Estimated cost to complete Partial billings each year Cash collected from billings 48,000 104,000 24,000 96,000 48,000 12,000 48,000 100,000 8.000 $2,000 100,000 Required: Under the percentage of completion method determine the Profit that should be reported in 2016, 2017, and 2018