R. William Computer Consultants, Incorporated develops and installs integrated computer systems and networks for large utilities. On January 2, 2015, the company signed a contract to deliver an electricity deployment system for a grid covering three New England states. The contract paid R. William a fixed fee of $16,550,000. William Computer Consultants uses the percentage-of-completion method (cost-to-cost approach) to report its long-term contracts. Other relevant information related to the contract is presented in the table below. (Click the icon to view the contract information.) Read the requirements. Requirement a. Compute the gross profit and revenue to be recognized each year of the contract. Prior to computing the gross profit and revenue to be recognized, we must compute the percentage-of-completion for each year. (Round the percentages to the nearest hundredth percent, X.XX%.) 2015 2016 2017 Cumulative percent complete % % % Now we can compute the gross profit recognized each year of the contract. (Enter "O" for any zero amounts. Enter the percentages to the nearest hundredth percent, X.XX%. Use parentheses or a minus sign for a loss.) Gross profit recognition 2015 2016 2017 Estimated total revenue Cumulative percentage complete % % % Cumulative revenue Revenue recognized in prior years Current year revenue Less: Actual costs Gross profit (loss) recognized in the current year Contract price $ 16,550,000 2015 2016 2017 $ 4,050,000 $ 5,500,000 $ 4,700,000 Actual construction costs incurred during the year Construction costs incurred in prior years Estimated costs to complete 0 $ 4,050,000 $ 9,550,000 $ 9,450,000 $ 2,950,000 0 Estimated total costs $ Progress billings made during the year $ 13,500,000 $ 12,500,000 $ 14,250,000 5,940,000 $ 8,000,000 $ 2,610,000 5,800,000 $ 5,800,000 $ 4,950,000 Cash collections during the year