Quick Q1. Paulson Company uses the percentage-of-completion method to account for long- term construction contracts. The following information relates to a 3-year contract that was awarded at a price of $700,000. Year 1 Year 2 Year 3 Cumulative costs to date $200,000 $390,000 $530,000 Costs to complete at year end $300,000 $130,000 $0 Billings on CIP to date $225,000 $420,000 $700,000 Collections to date $200,000 $400,000 $600,000 1. What is the percent complete in Year 1? Year 2? 2. How much Revenue will be recognized in Year 1? Year 2? Year 3? 3. How much Gross Profit will be recognize in Year 1? Year 2? Year 3