See if the answers are right

CALCULATOR PRINTER VERSION 1 BACK NEXT Problem 18-09 Whispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $599,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $907,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $287,520 $425,290 $611,000 Estimated costs to complete 311,480 173,710 -0- Progress billings to date 270,000 546,000 907,000 Cash collected to date 240,000 496,000 907,000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 147,840 Gross profit recognized in 2021 70,840 Gross profit recognized in 2022 tA 77,320 (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 O Gross profit recognized in 2021 O Gross profit recognized in 2022 296,000 Click if you would like to Show Work for this question: Open Show Work SUBM