Cautious Construction Company has contracted to build an office building for Property Corporation. The construction started on January 1, 2012, and the project was completed on July 1, 2015. The contract price was $65 million. Due to uncertainties in the construction process, the two parties to the project agreed to a risk-sharing arrangement whereby Property Corporation covers 50% of all cost overruns in excess of the originally estimated cost of $60 million (e.g., if estimated total costs are $64 million, then Construction Company would receive an additional $2 million for the contract). The following data relate to the construction period.

Required:
Compute the estimated gross profit (loss) for 2012, 2013, 2014, and 2015, assuming that the percentage of completion method is used.

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(5000's) Costs incurred to date Estimated cost to Progress billings to date Cash collected to date 2012 2013 2014 2015 S15,000 30,000 50,000$63,000 47,000 25,000 20,000 42,000 45,000 42,000 11,000 55,000 51,000 complete unknown 62,000