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Wildhorse Construction Company has entered into a contract beginning January 1, 2025, to build a parking complex. It has been estimated that the complex will

Wildhorse Construction Company has entered into a contract beginning January 1, 2025, to build a parking complex. It has been estimated that the complex will cost $595,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $903,000. The following data pertain to the construction period.

2025

2026

2027

Costs to date

$279,650 $487,900 $606,000

Estimated costs to complete

315,350 107,100 0

Progress billings to date

272,000 545,000 903,000

Cash collected to date

242,000 495,000 903,000

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 2025

$enter a dollar amount

Gross profit recognized in 2026

$enter a dollar amount

Gross profit recognized in 2027

$enter a dollar amount

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