Shanahan Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take three years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period. 2017 2018 2019 2017 2018 2019

Costs to date $270,000 $450,000 $610,000 Estimated costs to complete 330,000 150,000 0 Progress billings to date (non-refundable) 270,000 550,000 900,000 Cash collected to date 240,000 500,000 900,000

a) Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.

b) Using the completed contract meth