Shanahan Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It is estimated that the complex will take 3 years to construct. Additional information follows. Estimated cost of complex Contract price AA 600,000 900,000 The following data pertain to the construction period. 2019 610,000 $ 6100 A 2017 270,000 330,000 270,000 240,000 2018 450,000 150,000 550,000 500,000 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $ A A A A 900,000 900,000 A Instructions: When there is no applicable answer figure for an item, you must enter 0. (a) Using the percentage-of-completion method, compute the estimated gross profit to be recognized during each year of the construction period. 2017 2018 2019 Contract price Estimated total cost Estimated total gross profit Calculation of gross profit to be recognized in each year: 2017: X Estimated total gross profit = Gross profit for 2017 Costs to date Estimated total cost 2018: Costs to date Estimated total cost Estimated total gross profit Gross profit recognized until the end of previous year