tion 21 er rod out of In 2016, Lunchmeat, Inc. entered into a contract to construct a building for Mack, Inc. at a cost of $14,000,000. The building was completed in 2018. Contract information is as follows: 2016 2017 2018 Cost incurred during the year $3,600,000 $2,160,000 $6,840,000 Estimated costs to complete as of year-end $8,400,000 $7,040,000 $0 Billings during the year $4,000,000 $5,000,000 $5,000,000 Cash collections during the year $3,400,000 $4,800,000 $5,800,000 Lunchmeat uses percentage of completion method of accounting for long-term construction contracts. Calculate the amount of gross profit (loss) to be recognized in each of the three years. A B 1 F T- lii III 2016: 2017: 2018