Vaughn 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 $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period.

		2020		2021		2022
Costs to date		$272,700		$466,620		$618,000
Estimated costs to complete		333,300		139,380		0
Progress billings to date		273,000		546,000		902,000
Cash collected to date		243,000		496,000		902,000

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

(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period