Tamarisk 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 $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $895,000. The following data pertain to the construction period.

2020

2021

2022

Costs to date $268,200 $482,760 $605,000

Estimated costs to complete 327,800 113,240 -0-

Progress billings to date 267,000 552,000 895,000

Cash collected to date 237,000 502,000 895,000

(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

$

Gross profit recognized in 2021

$

Gross profit recognized in 2022

$

(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

$

Gross profit recognized in 2021

$

Gross profit recognized in 2022

$